Prospera Financial Services announced on Thursday that it was adding Cottonwood Capital Advisors, and with it, $121 million in assets under management.
The Cottonwood co-founders, Jay Rubottom and Stephen Shipley, were formerly with Morgan Stanley. The firm is based in Irving, Texas, near Dallas.
Shipley spent 20 years at Morgan Stanley. At Cottonwood, he focuses on macro asset allocation, portfolio construction and fixed-income portfolio management. Rubottom, who had been with Morgan Stanley since 2002, focuses on financial planning, enhancing the client experience and business development.