Robertson Stephens Loses Its Boston Team
The small team of advisors at the revived Robertson Stephen Securities LLC has shrunk further as brokers Jerry Nigro and Virginia Madden have left to begin their own registered investment advisory firm in Boston.
Nigro and his then sales assistant Madden joined San Francisco-based Robby Stephens 18 months ago in Boston and until last week were managing about $300 million of client assets, according to a spokeswoman at Dynasty Financial Partners, the firm that is structuring and supporting their new business.
Nigro, who has christened his new business Claybrook Capital, declined to discuss reasons for his decision.
The move leaves Robertson Stephens with six financial advisors, all of whom are based in San Francisco, said Alyssa Ure, the firm’s director of marketing.
“I haven’t talked with Jerry, but we’re very entrepreneurial and I imagine he wanted to work on his own venture,” Ure said.
Robertson Stephens was a go-go investment bank for high-tech startups in Silicon Valley in the 1990s, with a small wealth management arm to help successful tech entrepreneurs manage their personal finances. It was absorbed by Bank of America in 1997 but revived in 2013 by Joe Piazza, a former Dillon Read and Donaldson, Lufkin & Jenrette executive who hoped to attract successful retail brokerage veterans.
Robertson Stephens, which is in the process of raising a “liquidity fund” that will make loans to entrepreneurs collateralized by their illiquid private company holdings, last wealth management hire was former Credit Suisse Securities (USA) advisor Alice Wu, who joined one year ago this month, Ure said.
“Jerry has been a valuable contributor to Robertson Stephens and [we] congratulate his entrepreneurial spirit on the launch of his own firm,” said Ure. “We wish him much success.”
Nigro and Madden have worked together since they were at UBS Financial Services in Boston, the Dynasty spokeswoman said. Nigro began his career at The Dreyfus Service Corporation in New York in 1993 and also has worked at Merrill Lynch and Goldman Sachs & Co. Madden first registered as a representative at Morgan Stanley in 2006.
-Jed Horowitz contributed reporting to this story.