September 2, 2021
Standing from left to proper, a crew affiliate Matt Kurtin who moved from UBS to Stifel with crew of advisors Alan Cohen, Stephen Barbera, Kenneth Chapin, and Greg Chapin
Stifel, Nicolaus & Co. on Wednesday employed 4 brokers in New York Metropolis who had been managing $764 million in property at UBS Wealth Administration USA, based on an announcement from the St. Louis-based brokerage.
However two veterans, who’re brothers and one in every of whom was a founding father of the group at UBS, stayed behind. UBS, like different main brokerage companies, have been selling teaming–a pattern that has accelerated throughout the pandemic–as a strategy to increase service ranges, and that recruiters say makes it harder for brokers to leap en masse.
The advisors leaving UBS embody: 39-year trade veteran Kenneth Chapin, his son, nine-year dealer Greg Chapin, 20-year veteran Stephen Barbera, and 35-year veteran Alan J. Cohen. The 4, who moved with consumer affiliate Matt Kurtin, convey to 70 advisors Stifel’s Manhattan workplace roster, based on a Stifel spokesman.
“Our determination to maneuver our follow was not one which we took evenly,” Greg Chapin mentioned in a company-issued assertion touting the “forward-looking” and “entrepreneurial tradition” of his new house.
The 2 remaining advisors, 28-year trade veteran Dominick Minicucci and his sibling, 36-year veteran Raymond Minicucci, didn’t reply to requests for remark.
Raymond Minicucci, who was a founding father of the crew at UBS and its “largest producer,” stays “dedicated and constant” to UBS as do the remaining crew members, together with two consumer associates, based on a supply with direct information.
The crew’s complete property previous to its cut up weren’t instantly identified. At UBS, they’d operated beneath the identify Dawn Monetary Administration and people who are staying will even proceed to function beneath that identify.
A Stifel spokesperson declined to touch upon the cut up or present manufacturing figures for many who joined. One other supply aware of the state of affairs mentioned that the duo who stayed had a big retirement plan consulting enterprise that won’t have been a match for Stifel.
The 4 who moved might be calling their new follow at Stifel CBC Wealth Administration Group, based on the corporate.
“We’re happy that the CBC wealth administration group, led by companions Ken Chapin, Steve Barbera, and Alan Cohen, have made Stifel their agency of selection,” Stifel Chief Government Ron Kruszewski mentioned in an announcement. “They bring about a profitable wealth administration crew with a mixed 100 years of expertise.”
Kenneth, the elder of the 2 Chapins, has labored at 4 companies, together with UBS from 2007, and Citigroup’s Smith Barney and its Lehman Brothers predecessor from 1988 to 1993. He began within the trade at Kidder, Peabody & Co. in 1982, based on BrokerCheck.
He has 5 ‘disclosure’ occasions on his document, together with settlements and damages awarded to shoppers between 2002 and 2009 for a complete of greater than $480,000. In 2013 and 2014, two state insurance coverage regulators imposed fines for $550 mixed for actions associated to allegations of offering incorrect or incomplete data on a license utility.
His son, Greg, had began within the trade at UBS in 2011, and has no disclosures on his document.
“Greg has confirmed important experience in figuring out center markets and bigger funding banking alternatives finest suited to our clientele in addition to different superior liquidity options together with trade funds, ESOPs, structured options, and portfolio lending,” his former UBS bio states.
Barbera began at Citigroup in 2000 and moved to UBS in 2007 (the identical time because the elder Chapin), based on his BrokerCheck document, which exhibits no disclosures.
Cohen, just like the elder Chapin, labored at Lehman Brothers, beginning there in 1986, after which moved to Citigroup in 1993 and UBS in 2007. Two complaints on his document from 2001 and 1992 had been each dismissed.
Stifel Chief Government Ron Kruszewski acknowledged in July a recruiting slowdown within the first half of the yr however was optimistic that hiring would decide again up as brokers returned to their desks.
The corporate’s Stifel Nicolaus brokerage unit added 14 “skilled” brokers within the second quarter, representing $12 million in annual income, in comparison with 28 brokers and $23 million in the identical interval the prior yr. Stifel ended the quarter with 2,282 brokers, up by a web eight brokers from the prior quarter and 50 year-over-year.