Morgan Stanley lured away a team managing more than $5 billion in client assets from Credit Suisse, a spokeswoman says.
The thirteen-member team has three private wealth advisors on it: Richard Zinman, Anthony Dertouzos and John Moreno. A Credit Suisse spokeswoman declined to comment on the departures.
They group joined Morgan Stanley in New York on Thursday, and reports to Park Avenue Complex Manager Nelson Gaertner. "We are pleased to welcome this exceptional team to Morgan Stanley," said Vince Lumia, Head of Morgan Stanley Private Wealth Management.
Their move is part of a wave of departures from Credit Suisse, which is exiting the U.S. wealth management market. The Swiss firm recently inked a deal to give Wells Fargo the inside track on recruiting its advisors.
The wirehouse has made overtures to the Swiss firm's advisors, flying many out to Wells Fargo Advisors headquarters in St. Louis. The firm also offered Credit Suisse advisors up to 300% to transition their books of business, according to people familiar with the matter.
However, large teams have continued to pass on the offer. Rival firms such as Morgan Stanley, UBS and J.P. Morgan Securities have been successfully attracting these elite advisors.
Morgan's newest hires include industry veterans. Zinman started his career in 1983 with Dean Witter, according to FINRA BrokerCheck records.
Zinman, Dertouzos and Morena joined Credit Suisse in 2008 from Smith Barney, according to BrokerCheck records.
Dertouzos ranked No. 6 in On Wall Street's Top 40 Advisors Under 40 in 2007.
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