$430M advisor pair leaves Morgan Stanley for firm led by ex-Lehman CEO
Two former Morgan Stanley advisors who oversaw $430 million in client assets left the wirehouse to join a firm led by former Lehman Brothers CEO Richard Fuld.
Fuld presided over a 2008 historic corporate collapse that contributed to the worst global financial crisis in nearly a century.
Matrix Private Capital Group’s new hires — Scott Weissman and Thomas Bruce — are based in Chicago, according to the firm, which also has locations in Los Angeles, Pittsburgh, and Palm Beach, Florida.
Matrix “[sees] great opportunity in the Chicago market,” Matthew Rubin, managing partner, said in a statement.
The New York-based firm, which has both asset and wealth management operations, has four other financial advisors, according to a spokesman. Matrix focuses on private equity, alternative investments and strategic advice for business owners and CEOs, according to the company's website. The firm brought on several key hires in 2017, including a former Neuberger Berman securities analyst to oversee Matrix's alternative equity strategy, according to a company announcement. The asset manager caters to high-net-worth individuals, family offices and institutions, according to its website.
Matrix registered as an RIA in December 2016, has approximately $165 million in assets in its wealth management unit, according to the firm’s Form ADV.
Weissman and Bruce join Matrix after 22 years and 15 years at Morgan Stanley, respectively, according to FINRA BrokerCheck records, which also shows that both ended their employment with Morgan Stanley at the end of April. They have not yet registered with their new employer.
The Wall Street giant will use the Main Street advisory firm to further its mass-affluent strategy.May 16
The $230 million team — comprised of two former NHL players — moved over from the firm’s employee brokerage unit.May 15
Weissman and Bruce serve affluent families, family offices, executives and entrepreneurs, according to Matrix.
A Morgan Stanley spokeswoman confirmed the two advisors no longer work for the firm but declined further comment.