Rockefeller Hires Morgan Stanley Chairman’s Club Broker in New York
A Morgan Stanley Wealth Management team who several sources said produced about $4 million in fees and commissions has joined Rockefeller Capital Management, the second private wealth team to join Rockefeller at its New York City headquarters since its recapitalization 20 months ago.
Michael Siden, a Chairman’s Club member since his first year at Morgan Stanley in 2009, according to a Morgan Stanley website, moved with his longtime business partner Clifton Fink and three associates on Friday.The team was managing about $950 million, including 401(k) plan assets, the sources said. According to Forbes, which ranked Siden as #87 on its Best-in-State list of New York advisors last year, the Siden group oversaw $750 million of client money, excluding retirement plans, as of mid-February 2018.
Siden, who styles himself on his Rockefeller website as a “sports & entertainment director” as well as private wealth advisor, did not immediately return a call for comment. A social media site pictures him alongside former New York Giants defensive end Justin Tuck at a 2012 charity reception.
He joined Morgan Stanley in August 2008 from UBS Wealth Management, along with Fink, “portfolio analyst” Gino Pace and client associate Ann Scopellito, according to their BrokerCheck histories. Siden began his brokerage career at Smith Barney in June 1989, leaving in January 1996 for UBS predecessor PaineWebber.
Rockefeller is run by former Morgan Stanley and Merrill Lynch executive Greg Fleming, who has larded his management and recruiting team with former executives from the wirehouses.
Christopher Randazzo, president of Rockefeller’s core private wealth group and former chief information officer at Morgan Stanley’s wealth and asset management units, said earlier this summer that he aims to employ 200 advisor teams overseeing $100 billion within several years.
While Rockefeller has grabbed headlines with multi-million dollar hires from Morgan Stanley, Merrill Lynch, UBS and Wells Fargo Advisors, it has a way to go before reaching that goal. Founded in 1882 to manage the fortune of Standard Oil founder John D. Rockefeller before branching out as a “multi-family” wealth office in 1979, Rockefeller Capital has recruited ten teams in Atlanta, San Francisco, Dallas and New York since its recapitalization by private equity firm Viking Global Investors in early 2018.
Siden’s team joins that of the Bapis Group in the company’s midtown Manhattan headquarters. Michael Bapis, a 46-year industry veteran who was recruited from HighTower Advisors, was the first group to join Rockefeller under Fleming’s leadership.
Big deals and a Big name. Hard to resist in the UHNW space…
Some of these teams are taking a big leap of faith that the firm is going to be able to hit critical mass, because Fleming isn’t paying any of these people peanuts (except for recruiters) and if he doesn’t get fairly close to the 100 billion in AUM within a reasonable time, the overhead they’ve taken on could doom this outfit.
Is have faith in Greg
I don’t see it as a leap of Faith… lots of unhappy Fa’s at the Wire’s, Hightower’s still around, Among other’s. The Rockerfeller name has been Associated with wealth for A Very Long time!!!!! Where should they have gone to Wells Fargo Advisor’s…..
Never go to WFA. Horrible firn.
Some people need to get over their clear hatred of certain firms. NO company is perfect, but NONE of them are spawn of the antichrist, either. Just because one person hates a broker/dealer does not mean that everyone else would hate working there, in the same way that one or two Yelp reviews should not doom a restaurant because a couple of diners didn’t care for the curry.
Wells is a criminal enterprise and if you don’t see that after every department at that company broke the law. Well they must be paying you to defend it.
Nope, but I’ll suggest that and see what they say. Seriously though, why make statements that have no basis in fact? If Wells or any other securities firm engaged in any activity that rose to the level of being criminal, people would be prosecuted and sent to jail. Unless, of course, they are in government. Those people are apparently untouchable.