Rockefeller Nabs UBS Team, Morgan Stanley Brokers Jump to J.P. Morgan and Gladstone
The veteran broker recruiting show goes on as Rockefeller Capital Management on Friday nabbed a UBS Wealth Management USA team in Los Angeles while three Morgan Stanley brokers decamped, two for J.P. Morgan Advisors and, one for LPL affiliate Gladstone Wealth Partners.
On Friday, Rockefeller snapped up the UBS duo of Stephen White and Kevin Kramer in Los Angeles, according to a well-placed source who said they had produced around $2.6 million. They had managed $320 million in client assets, the person said.
The two report to Nathan Crair, a former Merrill Lynch West Los Angeles complex manager, who joined Rockefeller in 2019 to build its Los Angeles office. They are the 63rd to join the rebuilt family office’s private wealth unit since its 2018 recapitalization.
A spokesperson for UBS did not immediately return a request for comment.
White started his career at Merrill Lynch in 1998, moved to Deutsche Bank in 2000 and also worked at Lehman Brothers from 2004 until joining UBS in 2008, according to his former firm biography.
Kramer started his career with J.P. Morgan Private Bank in 1994, moved to Los Angeles in 1995 and followed the same path as White after joining Lehman in 2004, according to his UBS biography.
Separately, on the East Coast, a Morgan Stanley duo with $250 million in assets shifted to J.P. Morgan Advisors, a J.P. Morgan spokeswoman confirmed. The team is based in New York and Miami and includes Joseph E. Donnelly and Sean W. Donnelly (no relation).
They report to regional director Rick Penafiel who oversees branches in Boston, Palm Beach and Miami.
Joseph, who works from Miami and started as a Morgan Stanley broker in 2010, was ranked on Forbes’ top next-gen broker list in 2021 and #118 on the best-in-state list in 2019. He was also a Pacesetter Club Financial Advisor, a recognition award given to him as a fast-growing novice in 2013, according to his former website.
Sean began his career at Morgan Stanley in 2017, according to BrokerCheck.
They mark the second announced hire since J.P. Morgan Advisors Chief Phil Sieg telegraphed this summer plans to more than double the sales force to roughly 1,000 brokers. The first was a $300-million AUM Wells Fargo Advisors team.
In the third wirehouse exit, Gladstone Wealth Partners, an independent firm affiliated with LPL Financial, has hired from Morgan Stanley a $2.2 million producer in Red Bank, New Jersey.
Douglas Chin joined Gladstone along with a client associate, Carolyn Anderson, on Sept. 30, according to BrokerCheck. He had managed $200 million in assets, according to Gladstone Chief Executive Richard Frick, who joined the company in December 2018 after running a Morgan Stanley complex in Philadelphia.
Chin started his career at Merrill in 1983, shifted to Prudential for three years from 1988 to 1991 and then returned to Merrill for another 20 years before joining Morgan Stanley in 2012, according to his BrokerCheck record.
He touted in a statement that as an independent broker he will “have the optimal freedom to manage and advance my practice, with no worries about having to hit quotas.”
Gladstone has 149 independent brokers, according to Frick.