Two Texas Teams Stick with Morgan Name, But Leave JPM for M Stanley
(Updates to include additional information about Phil Di Iorio’s retirement in the six paragraph.)
Morgan Stanley emerged from the shadows of J.P. Morgan & Co. more than 80 years ago when the Glass-Steagall Act separating commercial from investment banking took effect, but both companies continue to compete to manage the money of the very wealthy.
Morgan Stanley got the best of its progenitor by luring two JPMorgan private banking teams in Texas to its wealth management ranch in recent weeks.
The larger of the two teams joined in Dallas on Friday, a Morgan Stanley spokeswoman confirmed.
Led by advisors Robert Moore, Matt Smith, Jon Piorkowski and Jonathan Bassham, they managed around $800 million of client assets and in the previous 12 months generated some $3.6 million in production, according to people familiar with their business who were not authorized to speak on behalf of Morgan Stanley. Team analyst Allison Sterling also made the move.
In Houston, Erich Canseco and Zach Zuhdi jumped from JP Morgan in June, hoping to bring as much of their $200 million of client assets with them to Morgan Stanley. They have around $1.4 million in trailing-12 month revenue, according to Canseco.
He declined to comment on reasons for the move, but the Texas teams are the latest in a spurt of departures amid client segmentation changes at JP Morgan, including doubling account minimums to $10 million for private banking team service. On Monday, that Phil Di Iorio, the chief executive of J.P. Morgan’s global wealth management business, including the private bank and the legacy Bear Stearns unit, will retire at the end of the year.
Moore, a 15-year industry veteran who began his brokerage career at Merrill Lynch and has been with JPMorgan since 2008, declined to comment on his team’s reasons for moving.
His partners Piorkowski and Smith have been with JPMorgan their entire securities industry careers, having joining the bank in 2009, according to BrokerCheck. Bassham arrived in 2011, after three years with AXA Advisors, a broker-dealer affiliate of Equitable Life Insurance Co.
Canseco began his career at JP Morgan Securities in 2007, while Zuhdi had been with the company in Oklahoma and Texas since late 2008.
Earlier this month, the JPMorgan private banking team of Dan Hoffe and Robert Jones cited the restructuring as their reason for jumping to Wells Fargo’s Financial Network for independent brokers.
A JPMorgan spokeswoman declined to comment.