$5B Credit Suisse team latest to spurn Wells Fargo by joining Morgan Stanley

$5B Credit Suisse team latest to spurn Wells Fargo by joining Morgan Stanley
Wells finds exclusive recruiting agreement not enough to close the deal with all of the Swiss firm's brokers.
NOV 18, 2015
Morgan Stanley picked up a $5 billion private wealth advisor team from Credit Suisse, the firm announced Monday. The team consists of 13 individuals including private wealth advisers Richard Zinman, Anthony Dertouzos and John Moreno, according to Christine Jockle, a spokeswoman for Morgan Stanley. Mr. Zinman and Mr. Dertouzos will work as managing directors and Mr. Moreno will serve as an executive director. The team will be based out of New York and report to Nelson Gaertner, the Park Avenue complex manager. The three brokers joined Credit Suisse in 2008, according to records with the Financial Industry Regulatory Authority Inc. Prior to that they had all worked at Smith Barney. After it announced it was closing its U.S. private bank, Credit Suisse signed an exclusive agreement with Wells Fargo & Co. to recruit its brokers. But that hasn't stopped Credit Suisse brokers from looking elsewhere. The Morgan hire comes on the heels of another defection of Credit Suisse brokers to UBS. Three Houston teams with a combined $3.2 billion in client assets joined UBS two weeks ago.

Latest News

Details emerge of Ameriprise's offer to Commonwealth advisors
Details emerge of Ameriprise's offer to Commonwealth advisors

Ameriprise is offering up to 125% of trailing revenue to poach top-producing Commonwealth advisors from LPL as a recruiting battle continues to rock the independent advisor industry.

What wealth advisors need to know to begin to build their retirement practice
What wealth advisors need to know to begin to build their retirement practice

Amid growing regulatory and demographic tailwinds, advisors who embrace retirement planning can tap into an entirely new pool of clients.

More Americans fear outliving their savings than dying, Allianz survey finds
More Americans fear outliving their savings than dying, Allianz survey finds

Inflation, Social Security uncertainty, and day-to-day expenses are fueling retirement insecurity across all generations.

Summers warns of $1T revenue loss risk from Trump 'attack' on IRS
Summers warns of $1T revenue loss risk from Trump 'attack' on IRS

The former Treasury secretary envisions an avalanche of noncompliance as the federal tax agency weathers massive workforce reductions and a string of walkouts in its leadership.

Rogue rep, formerly with United Planners', keeps costing firm damages
Rogue rep, formerly with United Planners', keeps costing firm damages

United Planners’ costs related to lawsuits and regulators’ actions into the advisor continue to rise.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.