A top complex manager is out at Morgan Stanley.
The wirehouse parted ways with Richard Frick, who had overseen operations in Philadelphia.
A spokeswoman confirmed Frick was no longer with the company, but declined to comment further. Frick could not be reached for comment.
It was not immediately clear who is overseeing the Philadelphia complex.
Frick, an industry veteran of 23 years, had been with Morgan Stanley since 2011, according to FINRA BrokerCheck records.
He has no disclosures on his FINRA BrokerCheck record.
One of the biggest notable losses came from Merrill Lynch, which lost a team managing $1 billion to the independent space.
In February, he was named — among other managers — in a racial discrimination suit filed against Morgan Stanley.
John Lockette, a former Morgan Stanley manager and an African-American man residing in New Jersey, says company policies disadvantaged minorities. The lawsuit also says that Lockette "experienced some discriminatory pushback, however, from two white complex managers who refused to work with him on improving FAA [Financial Advisor Associates] effectiveness.” He named Frick as one of those managers, but did not go into specifics regarding Frick.
Morgan Stanley is contesting Lockette's claims, and it’s not clear if there’s any connection between Frick’s departure and the alleged discrimination claims.
The other complex manager cited in the complaint remains with the firm.
