October 19, 2021
by
AdvisorHub Employees
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A two-advisor group with round $3.1 million in manufacturing moved from Morgan Stanley in New York Metropolis to RBC Capital Markets in Westport, Connecticut on Friday final week, in keeping with sources aware of their transfer and BrokerCheck information.
The group, often known as the Ventrella-Ellis Group at Morgan Stanley, contains 18-year business veteran Marco Ventrella and 25-year business veteran Christopher R. Ellis. That they had roughly $450 million in consumer property, in keeping with an RBC spokesperson.
A Morgan Stanley spokesperson declined to remark, and Ventrella and Ellis didn’t reply instantly to phone requests for remark. The spokesperson for Minneapolis-based RBC, which employs about 2,000 brokers, didn’t present additional remark by press time.
Ventrella and Ellis had each moved to Morgan Stanley in 2009 from UBS Wealth Administration USA and have been wooed by RBC’s New York and Lengthy Island advanced director John Moran, in keeping with one of many sources. Additionally they knew former Morgan Stanley New York supervisor Justin Ferdula, who had initially satisfied them to affix Morgan Stanley and now works as RBC’s Chicago advanced supervisor.
Ventrella started within the business in 2002 at UBS. Ellis started in 1995 at Smith Barney, spent three years at Dean Witter Reynolds, shifted in 1999 to Merrill Lynch, the place he stayed till transferring to UBS in 2003.
Ventrella, who resides in Wilton, Connecticut, has targeted on “working with company executives, serving to to strategize round concentrated inventory positions, inventory choices and diversification,” and accomplished the agency’s program for household wealth advising, in keeping with his Morgan Stanley group’s web site, which was nonetheless obtainable as of Tuesday morning.
Forbes ranked him as 97th in its 2019 Subsequent Gen Finest-In-State Wealth Advisors and 653rd on its 2018 America’s Subsequent Gen Advisors.
Ellis, who lives in Fairfield, Connecticut, additionally has “particular focus on company executives and their households,” in keeping with the group’s outdated web site.
The group’s transfer runs counter to the development of advisors becoming a member of Morgan Stanley, recruiting successes touted by the CEO James Gorman when the financial institution introduced earnings final week. Gorman advised inventory analysts that Morgan Stanley had achieved the weird feat within the brokerage business of web constructive recruiting as extra skilled brokers have been coming into the corporate than leaving.
The CEO attributed the success to a diversified enterprise mannequin and “energy of the model” that was attracting “very massive groups” whereas serving to retain some key teams.
RBC has been aggressively recruiting from its bigger wirehouse rivals, a observe that has at occasions sparked courtroom battles with Morgan Stanley over buyer solicitation.