After Decades at Merrill, Ohio Team Decamps to Morgan Stanley
A seven-person team led by brokers who have spent most of their careers at Merrill Lynch in Cincinnati branch joined archrival Morgan Stanley in the same city two weeks ago.
Led by William Troy Neat, Jason Redpath, and Steven Spaeth, the team in the previous year tallied $4.6 million of revenue and were managing about $602 million of client assets, according to a Morgan Stanley spokeswoman.
The brokers, who declined to comment on the reason for their move, serve clients “across the United States as well as a number of foreign countries,” according to Spaeth’s LinkedIn profile. That could indicate they felt constrained by Merrill’s tightening restrictions on working with nonresident clients outside the U.S., a policy that has benefited recruiters at Morgan Stanley and other firms.
A Merrill spokeswoman declined to comment on the move but said the team was not “focused” on international clients.
Neat and Redpath had spent their entire brokerage careers at Merrill, with the former working there 22 years and the latter 15 prior to their January 20 move. Spaeth had been with Merrill for 11 of his 15-year brokerage career.
Their team includes four associates: Kristi McClure, Jennifer Thompson, Monica Miller and Jack Skidmore.