A top Morgan Stanley broker has switching over to J.P. Morgan Securities, according to Financial Industry Regulatory Authority broker records.
Jonathan Madrigano, who according to published reports was a top broker at Morgan Stanley's Wealth Management division in midtown New York, made the switch on Friday, according to Finra's online broker database. Madrigano last year managed an estimated $2 billion in assets for Morgan Stanley, according to published reports. Mandrigano is now registered as a broker for J.P. Morgan Securities at its 277 Park Avenue office, according to Finra records.
Neither J.P. Morgan nor Morgan Stanley officials could be reached to confirm Mandrigano's move.
Madrigano ranks among the biggest departures from Morgan Stanley Wealth Management so far this year. At least 178 veteran advisors who managed more than $24 billion in client assets have left the firm so far this year, based on moves tracked by Reuters.
Madrigano, who was named to Barron's 2011 Top Financial Advisors list in March, according to Marketwire, was a director of wealth management and a private wealth advisor at Morgan Stanley's midtown office. He joined Morgan Stanley Smith Barney, now known as Morgan Stanley Wealth Management, after Citigroup's Smith Barney merged with Morgan Stanley's wealth business in 2009, according to Reuters. During that time, many legacy Smith Barney brokers moved over to the new combined brokerage firm. In recent months, a growing number of former Smith Barney brokers have voiced frustration with Morgan Stanley's new technology platform.
New York financial services recruiter Danny Sarch said the move will have a significant impact for both firms. "I didn't know him, but he has been on the Barrons' list, so presumably he is a big producer," Sarch said. "So it's a big loss for Morgan Stanley and a net gain for J.P. Morgan."
-Jim McConville