Exodus of US funding advisers sparked by mergers and financial institution turmoil
A fevered spherical of job-hopping is beneath manner within the US funding adviser enterprise, with groups switching companies or putting out on their very own in response to mergers and turmoil within the banking sector. Greater than 26,000 advisers switched companies in 2022, in response to Cerulli Associates, representing 9.2 per cent of the US complete. Business executives say they anticipate the quantity to develop this yr. Many are leaving advisory teams owned by banks for boutique operations or beginning their very own companies, and taking their books of purchasers with them. Amongst these leaping ship this yr had been groups from Silicon Valley Bank and First Republic, which served prosperous clients earlier than bank runs compelled them to be taken over. “There’s been a...