Barclays Plc (BARC) recruited a team for its wealth and investment management division from Morgan Stanley (MS:US) Smith Barney that includes former New York Jets wide receiver Wayne Chrebet.
Edward Moldaver, who leads the New York-based six-person group, was named managing director, according to a statement today from London-based Barclays. Chrebet, who retired from football in 2006, will be an assistant vice president.
Moldaver, 44, and his group join a division that oversees $275 billion for investors around the world. His team managed $1.35 billion at Morgan Stanley Smith Barney, according to Barron’s magazine. Having a well-known athlete in the group probably helps Moldaver meet new clients, according to Michael King, a recruiter of financial advisers in New York.
“That’s the hardest part,” King said in a telephone interview. “Once you have the clients, you can work with specialists.”
Moldaver spent four years at Morgan Stanley Smith Barney, the joint venture of Morgan Stanley and Citigroup Inc. (C:US), both based in New York, and previously worked at Bear Stearns Cos. He reports to Mark Stevenson, New York regional manager. Barclays also hired James Lee as assistant vice president and Mary Silwa, Mary Bennett and Joseph Tahmoosh as client-service analysts.
“Barclays has a relatively small but highly productive number of advisers and the flat management structure makes it easier to tailor to our clients’ specific and personal financial needs,” Moldaver said in an e-mail.
Chrebet, 39, joined Morgan Stanley Smith Barney in 2009. He caught more passes for the Jets than any player in team history other than Don Maynard. The 5-foot-10 receiver joined the Jets in 1995 as an undrafted free agent from Hofstra University and totaled 580 receptions, second only to Maynard’s 627. He scored 41 touchdowns.
“Wayne and I met after he had retired from the NFL and I was a big fan of the Jets,” Moldaver wrote. “I had heard that Wayne had an interest in my field and was looking for a new career to devote himself to. It turned out to be a natural fit.”
Chrebet told the Wall Street Journal for a 2010 article that he spends most of his time meeting with potential clients and doesn’t pick stocks. He said in an e-mail that the group has some sports and entertainment clients and that he also works with company owners and wealthy families.
“This business is all about meeting and maintaining relationships with like-minded people,” Chrebet wrote.
Morgan Stanley Smith Barney has been seeking to avert broker defections amid disruptions caused by a new technology and operations system. Greg Fleming, the firm’s president, traveled across the country to assure advisers that the brokerage is working to make improvements, said Jim Wiggins, a spokesman for Morgan Stanley.
“There has been no mass defection threatened, we have not seen any spike in attrition by financial advisers, and we haven’t seen an impact on the business,” Wiggins said.
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