Morgan Stanley $6 Billion Wealth Team Departs to Woo Rich Texans
Texas is a hotbed for rich families, increasingly drawing the attention of wealth advisers.
(Bloomberg) -- A team of Morgan Stanley wealth advisers based in Texas has left to create Americana Partners.
Jason Fertitta is the president of the new firm, which has partnered with Dynasty Financial Partners, according to a statement Monday. He worked at Morgan Stanley since 2008 and managed more than $6 billion of client assets, according to the statement.
“We are thrilled to launch Americana Partners with offices in Houston, Austin and Dallas," said Fertitta, who worked with multigenerational families at Morgan Stanley.
Banks have been losing some of their most experienced and profitable wealth advisers to upstart firms. Over the past few years, ultra-high-net-worth assets overseen by independent multifamily offices have grown 10 percent annually on average, about five times as fast as assets held at private banks, Cerulli Associates estimates.
Texas is a hotbed for rich families, increasingly drawing the attention of wealth advisers. There are 22 billionaires in Texas with total wealth exceeding $200 billion, according to the Bloomberg Billionaires Index. Bank of America Corp.’s wealth unit last month named Carole Wentz to lead a push in the Southwestern U.S.
A spokeswoman for Morgan Stanley confirmed the departures, but declined further comment.
To contact the reporter on this story: Pierre Paulden in New York at ppaulden@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill
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