A mega team has left Deutsche Asset & Wealth Management to go independent with Dynasty Financial Partners, a spokeswoman said.
Former Deutsche advisor David J. La Placa managed $3.25 billion in assets, according to the latest Barron's rankings. Also moving with La Placa is advisor Jay Casey.
The team now operates in San Francisco as Intellectus Partners, with La Placa serving as CEO and Casey as president of the new firm.
Shirl Penney, CEO of Dynasty, said in a statement that he was "thrilled" that the team joined Dynasty's network. A spokeswoman for Deutsche declined to comment on the departures.
The latest recruits dwarf the largest team Dynasty recruited so far this year:
This is also the latest in a series of mega teams jumping to new firms. Earlier this year, Merrill Lynch recruited a Morgan Stanley team managing $1.3 billion and led by advisor Bruce Munster, who was featured as No. 7 in On Wall Street's Top 40 Under 40 rankings. And Raymond James pulled in another Morgan team managing $2.4 billion, representing the firm's biggest recruiting grab.
Both advisors had been with Deutsche since 2004, according to FINRA records. La Placa started his advisory career in 1994 with Olde Discount Corp., and later worked at Lehman Brothers. Casey joined him at Lehman in 2000.
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