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October 10, 2023 at 02:43 PM
An advisor team in Vero Beach, Florida, that managed $1.9 billion in client assets with Morgan Stanley has broken away from the wirehouse to launch a registered investment advisor with tru Independence.
The new RIA, SpirePoint Private Client, was established by founding partners Jim Beindorf, Kay Campione and Trent Leyda, tru said Tuesday.
Morgan Stanley declined to comment on losing the advisor team.
SpirePoint selected Goldman Sachs Advisor Solutions as its custodian.
Other recent custodial wins for GSAS included the RIA Burney Co., which in August became the third firm in five weeks to announce it was signing with Goldman.
In late July, Creative Planning announced a new multibillion-dollar strategic custody relationship with GSAS that would give the Overland Park, Kansas-based RIA access to capabilities that include digitized middle and back office for alternative investments, an electronic lending platform, advanced analytics and product offerings from across Goldman Sachs, the firms said.
SpirePoint selected GSAS because it “believes that Goldman’s long history in a variety of economic environments will bring their clients deep access to intellectual capital and research,” tru said.
