Jefferies Nabs Morgan Stanley Complex Head to Run Wealth Business
For the second time time in two years, Jefferies has nabbed a veteran wealth manager from Morgan Stanley to steer its boutique wealth business.
Robert Peyreigne, who over his 28-year brokerage career has worked at Kidder, Peabody, UBS Financial, Merrill Lynch and Morgan Stanley, jumped on Thursday to Jefferies Wealth Management, according to well-placed sources.
He replaces Michael Armstrong, who ran the approximately 55-broker Jefferies unit from May 2014 until leaving New York in July to become head of the much larger RBC Wealth Management U.S. brokerage business based in Minneapolis. Armstrong had previously been at Morgan Stanley Wealth Management for more than five years.
Peyreigne, a 1981 graduate of the U.S. Naval Academy and a former military pilot, was in charge of 450 people in four Morgan Stanley branches in New York City and Westchester County who produced $275 million and oversaw more than $40 billion of client assets, according to Jefferies’ internal announcement.
Before taking over Morgan Stanley’s Madison Avenue branch in mid-2009, he managed its Purchase office and had earlier been based in its Westport, Conn., branch.
Jefferies Wealth’s Chief Operating Officer Frank Scheuer and business development head Michael Brabant remain with the firm, said people familiar with their plans. The unit’s parent company is known primarily for its institutional trading prowess and middle-market investment banking business, but it has been gradually building its high-net-worth wealth business.
In May, it hired a veteran Morgan Stanley team in Manhattan with about $4 million production, followed in July by the arrival of a private banker in Boston from JP Morgan Securities.
A Morgan Stanley spokeswoman confirmed the departure but declined further comment.