Morgan Stanley Scoops up $8.9-Mln Citi Team in New York

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Morgan Stanley Scoops up $8.9-Mln Citi Team in New York

October 12, 2021

A seven-advisor New York City team, with $8.9 million in annual revenue, left Citi’s small traditional brokerage business on Friday for Morgan Stanley Wealth Management, according to registration records and sources familiar with the moves.

The team, led by two Citi Personal Wealth Management lifers, Robert Hanes, a 28-year veteran, and Josh Haber, a 21-year veteran, had managed $999 million in client assets, the source said.

The duo constituted the majority of the team’s production at Citi with Hanes and Haber each generating $3 million in annual revenues on $300 million in client assets, the same source said.

The team, which is branded as The Hanes Haber Group, also includes advisors:

  • Adam Wood, also a Citi lifer with 17-years in the industry
  • Dennis Lee, a 23-year veteran who began at Merrill Lynch in 1998, moved to UBS Wealth Management USA in 2004, before joining Citi in 2007
  • Erez Avidan, a 12-year industry veteran who joined Citi in 2016, after working at eight smaller firms, starting in 2009
  • Dillon Walker, Citi lifer with four years in the industry.

The advisors joining Morgan Stanley either did not respond to requests for comment made through social media, except Avidan, who declined to comment, and Haber and Wood, who could not be reached.

They had three support staff, including John Vigh, a financial advisor associate, and client associates Brandon Lyons and Anchal Rana.

A spokesperson for Citi declined to comment.

At least six advisors who are listed on the team’s former website appear to have remained at the firm, according to registration records. They include: Damian Pereira, Gonzalo Blanco, Lisandro Enferri, Mariano Pinto, Peter Nielsen, and Timothy Shaw.

Citi’s Personal Wealth Management unit includes around 400 brokers who are paid largely on commission and are separate from Citi’s salaried private bankers, who work with clients with at least $25 million. It was seeded from bank-based brokers who remained after Citi sold its core Smith Barney retail brokerage business to Morgan Stanley in 2009.

The Citi unit last year revamped its payout structure and pay schedule for senior PWM brokers who were moved from a monthly commission payout to a quarterly grid pay supplemented by a monthly salary and credit tied to subjective qualitative assessments.

Citi’s Chief Executive Jane Fraser also in January merged the Personal Wealth business and the Private Bank into a combined Citi Global Wealth unit as the bank restructured the wealth business.

Morgan Stanley, which has been dangling top-tier signing bonuses since returning to veteran broker recruiting over the past two years, plucked another Citi team and a solo practitioner in New York and Connecticut in April.

In March, another Citi Personal Wealth team that sources said had produced $14 million in annual revenue in New York City and Boca Raton, Florida left for First Republic Private Wealth Management.

Both Morgan Stanley and Citi exited the Protocol for Broker Recruiting–the industry hiring pact that allows departing brokers to solicit their former customers–in 2017.

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