Morgan Stanley Lands JPMorgan Team with $11M Production in CA
The Golden State is shining a little brighter for Morgan Stanley this week following its capture of an $11 million team from J.P. Morgan Securities in Beverly Hills.
The company has hired Robert Daly, Alexander Kadish and Gidon Nach, who had $11 million in production. The team had just under $1 billion in assets, according to Barron’s listing of the top California advisors in 2015.
The group joined Morgan Stanley’s Wilshire Boulevard branch in Beverly Hills, according to . A Morgan Stanley complex manager said the production numbers are “in the ballpark.”
A source who tipped us off to the move characterised it as a “huge win” for Morgan Stanley that compensates in part for the firm’s loss of Bruce Munster’s $1.2 billion team in Los Angeles last year. They moved to Merrill Lynch. Former Morgan Stanley advisor David Bahnsen’s $750 million group in nearby Newport Beach also left last year for HighTower Securities.
Daly joined JPM in 2009 after 6 years at UBS and 5 years at Bear Stearns prior to that. Kadish had been with JP Morgan Securities since 2010, following stints at Bank of America, Smith Barney and Jefferies.
For Nach, the move is a homecoming. He had been with Morgan Stanley for 11 years before leaving in September 2014 for J.P. Morgan Securities. Prior to his earlier Morgan Stanley career, he worked at Bear Stearns and at Robert W. Baird, according to FINRA’s BrokerCheck.
A Morgan Stanley spokesman did not respond to an email seeking comment.