September 2, 2021
Standing from left to suitable, a team associate Matt Kurtin who moved from UBS to Stifel with group of advisors Alan Cohen, Stephen Barbera, Kenneth Chapin, and Greg Chapin
Stifel, Nicolaus & Co. on Wednesday hired 4 brokers in New York Metropolis who experienced been managing $764 million in assets at UBS Wealth Administration United states of america, according to an announcement from the St. Louis-dependent brokerage.
But two veterans, who are brothers and 1 of whom was a founder of the team at UBS, stayed driving. UBS, like other major brokerage companies, have been endorsing teaming–a development that has accelerated throughout the pandemic–as a way to enhance services ranges, and that recruiters say can make it much more difficult for brokers to bounce en masse.
The advisors leaving UBS include: 39-12 months sector veteran Kenneth Chapin, his son, nine-12 months broker Greg Chapin, 20-year veteran Stephen Barbera, and 35-yr veteran Alan J. Cohen. The 4, who moved with shopper affiliate Matt Kurtin, carry to 70 advisors Stifel’s Manhattan business roster, in accordance to a Stifel spokesman.
“Our selection to move our observe was not a person that we took flippantly,” Greg Chapin said in a corporation-issued assertion touting the “forward-looking” and “entrepreneurial culture” of his new household.
The two remaining advisors, 28-year field veteran Dominick Minicucci and his sibling, 36-yr veteran Raymond Minicucci, did not react to requests for comment.
Raymond Minicucci, who was a founder of the workforce at UBS and its “largest producer,” continues to be “committed and loyal” to UBS as do the remaining staff users, like two consumer associates, in accordance to a source with immediate know-how.
The team’s whole belongings prior to its split have been not right away recognised. At UBS, they experienced operated beneath the name Daybreak Financial Management and individuals who are keeping will also go on to function below that identify.
A Stifel spokesperson declined to remark on the split or present manufacturing figures for these who joined. A different supply acquainted with the predicament said that the duo who stayed experienced a substantial retirement system consulting business that may well not have been a match for Stifel.
The four who moved will be contacting their new observe at Stifel CBC Prosperity Management Group, in accordance to the enterprise.
“We are delighted that the CBC prosperity management group, led by companions Ken Chapin, Steve Barbera, and Alan Cohen, have produced Stifel their business of alternative,” Stifel Chief Government Ron Kruszewski stated in a assertion. “They carry a successful wealth administration workforce with a combined 100 several years of expertise.”
Kenneth, the elder of the two Chapins, has labored at four companies, such as UBS from 2007, and Citigroup’s Smith Barney and its Lehman Brothers predecessor from 1988 to 1993. He started in the market at Kidder, Peabody & Co. in 1982, in accordance to BrokerCheck.
He has 5 ‘disclosure’ activities on his report, together with settlements and damages awarded to shoppers in between 2002 and 2009 for a full of additional than $480,000. In 2013 and 2014, two point out insurance regulators imposed fines for $550 combined for actions connected to allegations of offering incorrect or incomplete details on a license software.
His son, Greg, had began in the sector at UBS in 2011, and has no disclosures on his file.
“Greg has confirmed important skills in identifying center markets and larger expenditure banking alternatives greatest suited to our clientele as well as other sophisticated liquidity answers which include exchange funds, ESOPs, structured methods, and portfolio lending,” his previous UBS bio states.
Barbera started off at Citigroup in 2000 and moved to UBS in 2007 (the exact same time as the elder Chapin), in accordance to his BrokerCheck history, which exhibits no disclosures.
Cohen, like the elder Chapin, worked at Lehman Brothers, starting up there in 1986, and then moved to Citigroup in 1993 and UBS in 2007. Two problems on his report from 2001 and 1992 have been both of those dismissed.
Stifel Chief Government Ron Kruszewski acknowledged in July a recruiting slowdown in the initially half of the calendar year but was optimistic that employing would decide on back up as brokers returned to their desks.
The company’s Stifel Nicolaus brokerage unit included 14 “experienced” brokers in the next quarter, representing $12 million in yearly profits, in comparison to 28 brokers and $23 million in the same period the prior yr. Stifel ended the quarter with 2,282 brokers, up by a web 8 brokers from the prior quarter and 50 yr-above-calendar year.