Morgan Stanley Lassoes $5.4-Mln Merrill Dallas Team
In another pre-holiday move, a six-person Merrill Lynch team with $5.4 million in revenue left on Friday to join Morgan Stanley in Dallas, according to multiple sources familiar with their practice.
The group is led by 39-year industry veteran John Calandro III and also includes his brother, Kevin Calandro, and son Robert Chris Calandro. They were overseeing more than $700 million in customer assets with 92% in fee-based accounts and moved along with client associates Shea Self and Jonathan Hicks and analyst Redding May, the people said.
A spokeswoman for Morgan Stanley confirmed the hire. A Merrill spokesperson did not return a request for comment.
They left Merrill the same day a Merrill team in St. Louis with $4.36 million in annual revenue exited to join Rockefeller Capital Management.
Reached at his new office, Calandro said he had been working 14-hour days over the holiday weekend to transition customers but declined to comment further, citing company policy. He was recruited by Dallas Park Cities branch manager Michael Bonomo, who himself joined Morgan Stanley from Merrill in 2013.
Calandro had been with Merrill since 2009, when he was wooed to the wirehouse world after running his own independent advisory practice, Calandro Advisory Services, according to his BrokerCheck report.
He started at Mutual Service Corporation in 1980 and was registered with five other broker-dealers before opening his own RIA in 2003, according to BrokerCheck.
His brother Kevin started at Smith Barney in 1986 and also worked at Bear, Stearns & Co., Kidder, Peabody & Co., PaineWebber and Lehman Brothers before joining the same independent broker as John in 2004.
Chris Calandro first registered at Merrill in 2014, according to BrokerCheck.
For Morgan Stanley, which has around 16,000 brokers, the move underscores its aggressive targeting of high-end teams from its wirehouse competitors since it revived its veteran broker recruiting efforts over the past year-and-a-half.
Merrill also pulled back from veteran broker recruiting in 2017 but has largely stood by its freeze as it focuses on developing home-grown talent and leaning on bank-based advisors to fill out its training program. The wirehouse no longer breaks out its core sales force from its bank advisors and private bankers, which are reported as a combined figure of 20,000. (Morgan Stanley similarly no longer reports precise headcounts as of the first quarter this year.)