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Industry Spotlight > Broker Dealers

Dynasty Grabs Raymond James Exec in Its New Neighborhood

By Janet Levaux

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Less than two weeks after announcing plans to move its headquarters to St. Petersburg, Florida, by June 30, Dynasty Financial Partners has hired an executive away from Raymond James, which has long-term roots in the area.

Angela Gingras, who has been with Raymond James for more than 20 years, is set to become Dynasty’s director of operations and will report to the director of investments, Joe Dursi. Most recently, she was vice president of operations and custody compliance.

“We anticipate that Angela will have a significant impact on the firm as we continue to expand our business. We are delighted to welcome her as the inaugural hire in our new headquarters,” according to Dynasty Financial Partners CEO Shirl Penney.

When Dynasty said it was moving its base from New York to Florida, some industry watchers wondered what the strategy behind the move was all about.

“Aiming to poach some local RayJay talent?” Michael Kitces speculated on Twitter. “Or looking for a RayJay acquisition as a future exit…? :)”

The firm said in a statement it was “not targeting any place or firm in terms of where employees come from in St. Pete. We are posting jobs, and people are applying.”

Thursday’s news, though, raises the question: If Dynasty grabs more talent from Raymond James, could it dampen the hopes of a future M&A with its larger neighbor?

For now, at least, the RIA-focused business appears to be focused on further growth and more hiring in the months ahead.

“Dynasty is focused on building and scaling a fantastic business,” the firm said in a statement. “Our M&A activity is focused on Dynasty doing the buying and we are looking at ways to buy our supply chain and expand our service set for our advisor clients.”

Referring to its neighbor, the firm explained: “Specific to Raymond James, we admire what they have done in the community on the corporate and philanthropic fronts and are pleased to now join them in the St. Pete community.”

In 2018, Dynasty topped $15 billion in assets on its turnkey asset management platform and neared $1 billion in alternative assets on its investment platform.

In addition to highlighting Gingras’ hire, Dynasty said Thursday it promoted longtime employee Marcus Wilson, who led the operations team earlier, to the new role of senior vice president of investment platforms, also reporting to Dursi.

Over the next 12 months, the firm expects to add 40 to 50 people in its new location via hiring and tapping staff from its other location. “Most of our corporate growth will occur in our St. Pete HQ location,” the firm said.

— Check out 6 Pointers for Growing Your Advisory Firm From Duran, Penney & Clarke on ThinkAdvisor.

Janet Levaux

@Think_JanetL

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