A number of ex-Macquarie and UBS advisers have joined the financial services firm Shaw and Partners, as the firm adds two senior staffers to its new non-aligned advice business.
This week, Shaw Stockbroking changed its name to Shaw and Partners to reflect the firm's move into providing holistic advice. At the same time it announced that it had added 15 advisers to the business, which is providing advice under its own licence.
Shaw and Partners chairman Paul Masi told ifa the majority of this group had come from Macquarie and two had come from UBS.
One adviser came from Baillieu Holst and a team of three was pulled from the collapsed broking firm BBY.
The firm had been approached by advisers dissatisfied with the institutional advice space, Mr Masi added.
"People are perhaps finding the firms they're working for are going through some difficult times which have challenged advisers and their cultures have changed significantly," Mr Masi said.
"UBS has gone the whole step and discarded their advice business and a lot of advisers are not satisfied with that so we have been able to get good advisers from both those firms – so that's where a good number have come from."
In February, Shaw and Partners appointed head of private wealth Earl Evans, who was formerly chief executive of Macquarie Private Wealth North America.
"Earl has a very big network in the marketplace and he is talking to people about what we're trying to do," Mr Masi said.
Meanwhile, the financial services firm has also announced two senior appointments following the launch of its new brand.
Mike Ryan will be its new head of institutional equities and Marlon Freeman will be head of equity capital markets.
Mr Ryan has more than 25 years' experience in international and domestic capital markets, and has held senior executive and board positions with CIMB and Morgan Stanley.
Mr Freeman has 30 years' experience in institutional equities and has worked for the past 10 years in equity capital markets at Deutsche Securities, ABN Amro Rothschild, RBS and CIMB Securities.
These appointments follow those of Cameron Duncan and Steve Anagnos as co-heads of income strategies. Mr Duncan and Mr Anagnos will focus on the income requirements of Shaw and Partners clients across ASX-listed securities.
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