Rockefeller Hires $4.6-Mln Morgan Stanley Private Wealth Team in Los Angeles
Morgan Stanley Wealth Management lost a $4.6 million, two-advisor team in Los Angeles to Rockefeller Capital Management on Thursday, according to a source familiar with the move.
“We work with Tribal Council and Investment Committee members on master plan review, economic and business development initiatives, financial education for tribal members, tribal revenue allocation planning, and customizing portfolios for specific purposes,” the website says.
Maentz and Machlovitch, who each started their careers at Lehman Brothers in October 2002 and joined Morgan Stanley in August 2008, did not return calls for comment left at their new and former offices. They moved along with portfolio manager Ben Helvey.
While Morgan Stanley this year has amped up its recruiting efforts, the loss is the second this week from its private wealth group that nominally works with clients with at least $10 million of investable assets. UBS on Thursday said it hired the six-person Fortney Group in Houston led by advisors Grant Fortney, Scott Fortney and Michael B. Nichley. They were managing $1.1 billion at Morgan Stanley, and joined UBS’s private wealth division, the Swiss bank said in a news release.
Morgan Stanley’s private wealth group includes about 500 of Morgan Stanley’s almost 16,000 financial advisors. A spokeswoman for Morgan Stanley, which recently said it is focused on keeping net recruiting losses near zero, did not immediately return a request for comment.
Maentz and Machlovitch are the 48th team to join Rockefeller since former Morgan Stanley Wealth head Greg Fleming took the reins of the New York-based family office of the Standard Oil clan with an expansion plan and backing from a unit of hedge fund Viking Global Investors.
They report to Nathan Crair, director of Rockefeller’s Los Angeles-based southwest division director. Crair joined Rockefeller in 2019 from Merrill Lynch, where Fleming made his mark as a financial institutions banker.
Morgan Stanley is not a member of the Protocol for Broker Recruiting, an industry agreement that allows brokers to take customer contact when moving among signatory firms. It exited the pact in 2017 as it took a recruiting pause. Rockefeller is a member of the pact.