Stifel's West Coast push rolls on with hire of ex-MSSB manager

Stifel Nicolaus & Co. Inc. has hired Susan M. Dixon, former branch manager of Smith Barney's Laguna Niguel, Calif., office, to open a Stifel branch in Irvine, Calif.
AUG 10, 2011
By  Bloomberg
Stifel Nicolaus & Co. Inc. has hired Susan M. Dixon, former branch manager of Smith Barney's Laguna Niguel, Calif., office, to open a Stifel branch in Irvine, Calif. Ms. Dixon, who joined Stifel this week and works out of its San Juan Capistrano, Calif., branch, said she plans to open the new office by the end of the year and eventually staff up to about 15 brokers. The Irvine office will be Stifel's third branch in affluent Orange County, California. Stifel now has 25 offices in that state, starting from zero less than three years ago, said Robert Burns, manager of the Stifel branch in San Juan Capistrano. The firm began targeting a Western expansion in August 2007, when it hired John Lee, the former Pacific Coast regional director for A.G. Edwards Inc., who was given a mandate to build out Stifel offices in Western states. Many of Stifel's brokers in the West are former A.G. Edwards representatives, although the firm has been picking up dissatisfied producers from other firms as well, Mr. Burns said. Ms. Dixon, who left the 39-broker Laguna Niguel branch of Morgan Stanley Smith Barney LLC last March, said the MSSB bureaucracy was making it difficult for managers. "It's very difficult to navigate through the Morgan Stanley system," she said. Ms. Dixon trained at Morgan Stanley when she entered the business in 1997, and went to Smith Barney in 2004. Christy Pollak, a MSSB spokeswoman, said Ms. Dixon told the firm she left because she was disappointed about being passed over for a complex-manager position. Ms. Pollak said is was unclear if Ms. Dixon had been with the combined Morgan Stanley Smith Barney joint venture long enough "to have an idea how the place worked." Ms. Dixon said she was familiar with St. Louis-based Stifel from her days growing up in Oklahoma City. "It's got a large presence there, but in California, it's not such a household name," she said.

Latest News

Five-person Raymond James team jumps to Janney in Maryland
Five-person Raymond James team jumps to Janney in Maryland

The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.

$20B Merit looks to next phase as Constellation takes minority stake
$20B Merit looks to next phase as Constellation takes minority stake

The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.

$350M father-son duo hops from Osaic to Equitable Advisors
$350M father-son duo hops from Osaic to Equitable Advisors

The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”

Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds
Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds

The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.