Another Merrill Vet in Long Island Leapfrogs to Morgan Stanley
A long-time Merrill Lynch broker in Garden City, Long Island, walked across the street to Morgan Stanley on Friday, joining several other emigres.
Thomas Cassano, who spent his entire 30-year career at Merrill, according to generated $1 million to $1.25 million in annual production, according to a Morgan advisor. A Morgan Stanley spokeswoman confirmed the hire but declined to discuss production numbers.
Cassano did not return calls for comment, but a person answering his former office phone at Merrill said he and his junior partner, Mackenzie Wenner, had gone to Morgan Stanley.
In the past two-and-a-half years at least four other veterans of Merrill’s rambling Garden City office moved to Morgan Stanley’s nearby outpost. They include the team of Richard Schwamb and John O’Day, who jumped in March 2015 after 15 years at Merrill; Ray George, who moved in October 2014 to Morgan Stanley after 23 years; and Charlie Eschmann, a 26-year Thundering Herder who roamed over in November 2013.
One of the advisers, speaking on condition of anonymity, said the migration reflects the cultural changes that Merrill has been making since its 2009 purchase by Bank of America and to the fact that Morgan Stanley’s leadership — including Chairman and Chief Executive James Gorman — has Merrill roots.
A Merrill Lynch spokeswoman did not immediately respond to a request for comment or for information on how many Morgan Stanley advisors may have moved in the other direction to Merrill.
The Garden CIty office of Merrill employs more than 100 “financial professionals,” , and is part of the firm’s flagship New York City metro division that is undergoing a major leadership change.