Morgan Stanley Hires $5 Billion Team From Credit Suisse -- Street Moves
November 23 2015 - 01:35PM
Dow Jones News
By Michael Wursthorn
The fight for Credit Suisse Group AG's U.S. brokers continues,
with Morgan Stanley hiring a trio of advisers who managed more than
$5 billion in client assets at Credit Suisse.
It is the biggest move of a Credit Suisse adviser or team since
the Swiss-based bank said in October it would wind down its U.S.
private bank and had signed an exclusive recruiting arrangement
with Wells Fargo & Co.
Advisers Richard Zinman, Anthony Dertouzos and John Moreno will
work for Morgan Stanley in New York. Before joining Credit Suisse
in 2008, Mr. Zinman and his colleagues had worked at Smith
Barney.
Wells Fargo signed the recruitment deal with Credit Suisse to
gain inside access to data and information on Credit Suisse's
brokers. However, the deal doesn't guarantee all of Credit Suisse's
some 270 advisers a spot at Wells Fargo Advisors, and those brokers
have the option of exploring offers by rivals firms.
Industry recruiters expect Wells Fargo to hire many of Credit
Suisse's brokers, but the firm's top producers, like Mr. Zinman and
his colleagues, are expected to consider offers from Morgan
Stanley, Merrill Lynch and UBS Group AG. That is because those
firms have more established high-net-worth practices and are
willing to give bigger signing bonuses than what Wells Fargo is
offering, recruiters and brokerage executives said.
UBS, for example, has hired 16 Credit Suisse brokers since the
recruitment arrangement was announced.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 23, 2015 13:20 ET (18:20 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Feb 2024 to Mar 2024
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Mar 2023 to Mar 2024