September 5, 2012

Morgan Stanley Loses Two Teams, Ex-NFL Player to Barclays, Ameriprise

The New York group includes ex-Jets receiver Wayne Chrebet, while the New Haven team moves with close to $1 million in production

While some Merrill Lynch (BAC) advisors have been breaking away to go independent, the latest batch of Morgan Stanley (MS) departing advisors have chosen to keep their employee status.

This includes the team of Edward Moldaver (left), formerly of Morgan Stanley Smith Barney, who joined Barclays in New York on Wednesday, as well as advisors Robert Ceccarelli and John Hursh, who left MSSB on Friday to become part of Ameriprise Financial (AMP).

Moldaver, who now reports to Mark Stevenson, managing director and regional manager for New York, moves with a team that includes Wayne Chrebet, a former New York Jets player, and James Lee.

“We are very pleased to welcome this talented team of wealth management professionals to our firm,” said Mitch Cox, head of wealth management for Barclays in the Americas, in a press release.

“Our unique combination of custom wealth management, rich intellectual capital and direct access to the global resources of Barclays continues to attract top-performing advisors, as well as their clients, who seek a world-class platform.”

Moldaver comes to Barclays, which now includes about 250 advisors in the United States, with about 25 years of wealth-management experience; he is now a managing director at Barclays. At Morgan Stanley Smith Barney, which he joined in 2008, he founded the Moldaver 80 Group, a team of six wealth-management professionals.

Chrebet (right) joins Barclays as an assistant vice president. He worked with Moldaver at MSSB for four years. Prior to joining the wealth management industry, Chrebet was with the National Football League and played 11 seasons for the New York Jets.

Also coming to Barclays as an assistant vice president is James Lee, who previously was with Moldaver and the MSSB team, as well as with Bear Stearns’ Private Wealth Client Services Group.

Barclays says it has 13 U.S. offices and $275 billion in assets under management worldwide in the Wealth and Investment Management division.

Recruiting by Ameriprise

Ameriprise Financial said it added advisors Ceccarelli and John Hursh from MSSB on Friday.

The two advisors have formed a team with total assets of some $150 million. They each have about $475,000 in yearly fees and commissions.

They have joined Ameriprise as employee advisors and are located in New Haven, Conn.

Amerirpise had 7,492 independent/franchisee advisors as of June 30, while 2,311 reps were in the employee channel. These reps had average fees and commissions of $97,000 in the second quarter and $195,000 for the first six months of 2012, putting them on track for yearly production of about $390,000 for 2012.

Reprints Discuss this story
This is where the comments go.