The Barclays breakaway exodus to Summit Trail Advisors shows no signs of slowing down.

Formed less than three months ago by former advisors from Barclays Wealth, the Dynasty Financial Partners-affiliated RIA is adding four new partners to its New York office, all also from Barclays Wealth, which is being acquired by Stifel. The deal, announced in the spring, is scheduled to close by the end of the year.

Two of the new Summit Trail partners, Megan Sclafani and Michael Cohen, worked on teams at Barclays that managed over $1 billion in client assets, according to a statement released by the firm.

Sclafani’s team advised wealthy individuals, families, foundations and endowments at Barclays Wealth and Investment Management. Cohen helped manage equity, fixed income, hedge funds and private equity for wealthy individuals and family offices as a director at Barclays Wealth.


"A lot of teams from major Wall Street firms have reached out to us," says San Francisco-based partner Tom Palecek. "The Barclays teams needed to make a decision quickly, but we're also talking to several more teams who are not with Barclays. Cultural fit is very important for us and we want to be careful not to grow too quickly."

The potential addition of two new teams will mean Summit Trail will open two new offices, Palecek adds.


Also joining Summit in New York are Jerry Lucas and Peter Gambee. Lucas was managing director, investment representative and co-head of the Investment Advisory Council at Barclays. Gambee was a managing director at Barclays Wealth; he joined the firm in September 2008 as part of Barclays’ acquisition of Lehman Brothers Investment Management business.

Gambee started his career as a commercial banker and has spent 20 years as a client advisor to private business owners, senior executives of public companies, private equity and other financial industry professionals.

The newest partners join former Barclays colleagues James Cantelupe, Lauren Cosulich, Peter Lee, Danie McHugh, Daniela Pedley, Jack Petersen, David Romhilt, Duff Saxe and John Scarborough, as well as Palecek – all partners at Summit Trail's New York, Boston, Chicago and San Francisco offices.

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