Alex. Brown Hires $500 Mln-Asset Morgan Stanley Group in NYC
Raymond James Financial said on Wednesday it recruited two Morgan Stanley advisors who generated $3.3 million in revenue in the past year.
Led by broker Todd L. Kissel, the group joined Raymond James new Alex. Brown division, which it bought from Deutsche Bank to service wealthier clients than the average RayJay broker.
The group, which has an office on Park Avenue with an outpost in Boca Raton, Fla., includes broker Joshua Pasahow and two associates. The team around $500 million in client assets at Morgan Stanley, according to a press release from Raymond James.
Kissel and Pasahow joined Morgan Stanley in 2008 and 2009, respectively, by way of Smith Barney, according to BrokerCheck, meaning their retention bonuses are virtually fully amortized.
Morgan Stanley’s chief financial officer Jon Pruzan told analysts last month that the retention bonuses given out during its 2009 acquisition of Smith Barney from Citigroup expire in January 2019, foreshadowing lower expenses and a 150-basis point lift in profit margin.
Kissel started his career at Merrill Lynch in 1986 and moved in 2000 to UBS Financial Services before joining Smith Barney eight years later.
Kissel said in a statement that the team “wanted a firm that was well capitalized, was conflict free and offered great technology.”