New York investment firm Aegis Capital has hired Peter Hirsh from Janney Montgomery Scott to serve as managing director of investments in its latest bid to expand its wealth management force.
Hirsh moved to Aegis from Janney on Dec. 9, according to his public registration records with the Financial Industry Regulatory Authority. He is based in the firm’s New York office.
Hirsh generates annual fees and commissions in the $1 million range, Aegis said in the announcement of Hirsh’s hiring, while his previous assets under management were not disclosed.
Hirsh spent about three years at Aegis, and also previously served at Advest, Lehman Brothers, Oppenheimer and Prudential. Hirsh began his career in 1984 at Merrill Lynch.
Hirsh’s hiring comes as Aegis has sought to increase its competition in the regional wealth management market in the last several years, according to Aegis Head of Business Development Phil Michals.
In the last year, Aegis has hired about 40 wealth management advisors and 20 institutional advisors, Michals said, with annual production ranging from $250,000 to $4 million.
“There are fewer and fewer regional firms out there, and then with the few that are out there, there’s not a lot of choice on the platform,” Michals said.
Aegis is working to differentiate itself by offering its advisors more choice, according to Michals. That includes no requirements to sell proprietary products, no minimums for fee-based practices, the ability to work either independently or by contract and competitive payouts.
The firm has also resisted the self-clearing models embraced by rival firms, Michals said, instead opting to work with third-party custodians JPMorgan and Penson Financial Services. Financial advisors who sign on to work at Aegis also are not subject to non-compete clauses once they leave.
“We’re pretty flexible on the non-compete clauses because we think we can retain the advisor for a long period of time,” Michals said.
Lorie Konish writes for On Wall Street.