$300M adviser goes indie with Dynasty Financial Partners
An adviser who oversaw $300 million at Robertson Stephens has gone independent with Dynasty Financial Partners, according to a spokeswoman.
Adviser Jerry Nigro, who has previous experience working for several wirehouses, opened Claybrook Capital in Boston. He is joined by Virginia Madden who will serve as managing director, the spokeswoman said.
With Dynasty's backing, "we are positioning our new wealth management firm for future expansion," Nigro said in the statement.
He had been with Robertson Stephens since 2015, according to FINRA BrokerCheck records. Previously, he worked at UBS for seven years, Goldman Sachs for almost eight and Merrill Lynch for four. He began his career with Dreyfus in 1993, BrokerCheck records show.
A spokeswoman for Robertson Stephens confirmed his departure.
Profits and revenues are down for all but one of the brokerages.
"Jerry has been a valuable contributor to Robertson Stephens and [we] congratulate his entrepreneurial spirit on the launch of his own firm. We wish him much success," the spokeswoman says.
Nigro's new firm will also use services from Fidelity Custody and Clearing Solutions, according to the Dynasty spokeswoman.
This is Dynasty's first recruiting move of the year. Last year, the firm helped several large teams breakaway from their previous employers.
The firm began 2016 landing Merrill Lynch adviser Miguel Sosa in Coral Gables, Florida. Sosa oversaw $400 million in client assets. A $750 million team led by Carrie Gallaway and Andrew Stern joined the firm in July. They previously worked at Lebenthal Wealth Advisors, which later shuttered its wealth management operations.