Then there’s Renato Ciancio-Pedretti, Timothy Maschler, Damien Warner, Rachael Tegart, Jenny Rachmat, Stuart Beattie, Mark Palmer and Andrew Foster, all of whom are destined for Shaws’ Perth outpost.
A spokesperson for Morgan Stanley said 13 advisers had left, while it shifted its wealth management business’s focus to bigger-ticket clients.
“We are continuing to invest in and expand our Australia Wealth Management business focusing on the HNW, UHNW and Not for Profit segments. We already have a deep presence in servicing these segments and will continue to enhance our offering to clients,” the MS spokesperson said. “We are focused on hiring advisers that fit with our strategic focus areas.”
Staff ructions
The well-regarded Rebecca Hill was installed as head of Morgan Stanley Wealth Management Australia following the departure of co-head Matthew Nicholls in May, and had sought to stabilise the 90-strong team of advisers.
However, as Street Talk reported, MSWM staff expressed unhappiness following a Hill-led strategic review which resulted in the bulk of the division’s lower-value accounts hived off to rival firms in a bid to pivot the business towards high net worth and ultra-high net worth clients. The review also came on the back of a period of instability that had seen long-time chief Ian Chambers retire and a raft of senior figures depart.
It is understood Anthony Faralla, Sherman Chua, Kenny Tran and Marian Johnston were among support staff who resigned from MSWM last week to join Shaws.
At last count, Shaw and Partners had 185 advisers who manage close to $40 billion in assets. It’s run by Evans and co-CEO, Allan Zion, and was established 40 years ago.
Source: afr.com
