UBS Brokers with $764-Mln Book Jump to Stifel, Duo Stays Behind
Stifel, Nicolaus & Co. on Wednesday hired four brokers in New York City who had been managing $764 million in assets at UBS Wealth Management USA, according to an announcement from the St. Louis-based brokerage.
The advisors leaving UBS include: 39-year industry veteran Kenneth Chapin, his son, nine-year broker Greg Chapin, 20-year veteran Stephen Barbera, and 35-year veteran Alan J. Cohen. The four, who moved with client associate Matt Kurtin, bring to 70 advisors Stifel’s Manhattan office roster, according to a Stifel spokesman.
“Our decision to move our practice was not one that we took lightly,” Greg Chapin said in a company-issued statement touting the “forward-looking” and “entrepreneurial culture” of his new home.
The two remaining advisors, 28-year industry veteran Dominick Minicucci and his sibling, 36-year veteran Raymond Minicucci, did not respond to requests for comment.
Raymond Minicucci, who was a founder of the team at UBS and its “largest producer,” remains “committed and loyal” to UBS as do the remaining team members, including two client associates, according to a source with direct knowledge.
The team’s total assets prior to its split were not immediately known. At UBS, they had operated under the name Daybreak Financial Management and those who are staying will also continue to operate under that name.
A Stifel spokesperson declined to comment on the split or provide production figures for those who joined. Another source familiar with the situation said that the duo who stayed had a large retirement plan consulting business that may not have been a fit for Stifel.
The four who moved will be calling their new practice at Stifel CBC Wealth Management Group, according to the company.
“We are pleased that the CBC wealth management group, led by partners Ken Chapin, Steve Barbera, and Alan Cohen, have made Stifel their firm of choice,” Stifel Chief Executive Ron Kruszewski said in a statement. “They bring a successful wealth management team with a combined 100 years of experience.”
Kenneth, the elder of the two Chapins, has worked at four firms, including UBS from 2007, and Citigroup’s Smith Barney and its Lehman Brothers predecessor from 1988 to 1993. He started in the industry at Kidder, Peabody & Co. in 1982, according to BrokerCheck.
He has five ‘disclosure’ events on his record, including settlements and damages awarded to clients between 2002 and 2009 for a total of more than $480,000. In 2013 and 2014, two state insurance regulators imposed fines for $550 combined for actions related to allegations of providing incorrect or incomplete information on a license application.
His son, Greg, had started in the industry at UBS in 2011, and has no disclosures on his record.
“Greg has proven critical expertise in identifying middle markets and larger investment banking opportunities best suited to our clientele as well as other advanced liquidity solutions including exchange funds, ESOPs, structured solutions, and portfolio lending,” his former UBS bio states.
Barbera started at Citigroup in 2000 and moved to UBS in 2007 (the same time as the elder Chapin), according to his BrokerCheck record, which shows no disclosures.
Cohen, like the elder Chapin, worked at Lehman Brothers, starting there in 1986, and then moved to Citigroup in 1993 and UBS in 2007. Two complaints on his record from 2001 and 1992 were both dismissed.
Stifel Chief Executive Ron Kruszewski acknowledged in July a recruiting slowdown in the first half of the year but was optimistic that hiring would pick back up as brokers returned to their desks.
The company’s Stifel Nicolaus brokerage unit added 14 “experienced” brokers in the second quarter, representing $12 million in annual revenue, compared to 28 brokers and $23 million in the same period the prior year. Stifel ended the quarter with 2,282 brokers, up by a net eight brokers from the prior quarter and 50 year-over-year.