Morgan Stanley landed a $3.2 million producer in the latest recruiting grab resulting from its deal to hire Credit Suisse advisors who specialize in Latin American clients, a source with knowledge of the move said.
Francisco Montes had about $500 million in client assets before jumping to the wirehouse last week, said the source, who did not have permission to discuss the move publically and asked not to be named. Montes was stationed in Miami while working for Credit Suisse and will remain there under Morgan, the source said.
A Morgan spokeswoman could not immediately respond to a request for comment.
The wirehouse is on a recruiting spree, seeking to bring on board as many as 75 advisors focused on Latin American clients. It has formed an exclusive agreement with Credit Suisse to hire 35 of the firm’s advisors who had a similar client focus before it began looking to pull its wealth management business out of the U.S last year.
A similar deal struck with Wells Fargo to hire the remainder of Credit Suisse's 250 U.S. brokers has triggered competing offers from rival firms, as well as a raiding claim against UBS.
Credit Suisse announced in October that it would wind down its U.S. private-banking operations because it didn't have the scale needed to compete without significant new investments.
A Credit Suisse spokeswoman declined to comment on Montes' move. He had been with the firm since 2003, according to FINRA BrokerCheck records. Prior to that, he worked at Donaldson, Lufkin & Jenrette and Goldman Sachs. He began his career in 1992, BrokerCheck records show.
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