Industry Moves

Raymond James Nabs Experienced FA Team from UBS

UBS has lost more veteran financial advisors to Raymond James.

James Ducharme and Michael C. Rowland have joined Raymond James & Associates, the firm’s employee advisor broker-dealer, in Melbourne, Fla., as Rowland-Ducharme Wealth Management Group of Raymond James, the company says in a press release. They previously oversaw $194 million at UBS, according to Raymond James.

Ducharme joined the financial services industry in 1993 and came to UBS in 1996, according to his BrokerCheck profile.

For Michael C. Rowland, the move is a return: he began his industry career at Raymond James in 2008 but left in 2010 “to join a relative’s practice at UBS,” Raymond James says.

The team also includes practice business manager Michael J. Rowland, who started his industry career in 1981 and came to UBS in 1993, according to BrokerCheck, and senior registered client services associates Jackie Bartosz and Sherry Staley, Raymond James says.

Raymond James has lured several experienced and large producers from UBS over the past several months. In November, a 34-year industry veteran left UBS for Raymond James in Alabama. In October, Raymond James added a team of advisor in Maryland who had been overseeing a billion dollars at UBS.


Wells Fargo FiNet-Affiliated Firm Adds Two More FAs

Seventy2 Capital Wealth Management, which is on the Wells Fargo Advisors FiNet platform, has added two more financial advisors, Seventy2 says.

David Holdsworth and Mark Tigert have joined Seventy2 Capital’s Bethesda, Md., office, according to a press release from the company.

Holdsworth joined the financial services industry in 1991 and came to Wells Fargo Clearing Services in 1999, according to his BrokerCheck profile.

Tigert started his industry career in 1979 and also came to Wells Fargo Clearing Services in 1999, according to BrokerCheck.

“We understand the questions each advisor must consider in making the decision to move to an independent channel — which is first and foremost, what is in the best interest of their clients,” Thomas Fautrel, Seventy2 Capital’s co-founder and partner, says in the press release. “We believe the case to move to Seventy2 Capital and an independent model is compelling. Our plan is to continue to add to our team of advisors across all three offices in 2020.”

Seventy2 Capital is an independent wealth management practice that’s a separate entity from Wells Fargo Advisors FiNet.

In November, Seventy2 Capital also acquired a $90 million practice, Creative Benefit Concepts.

Wells Fargo FiNet, the independent brokerage channel of Wells Fargo Advisors, meanwhile, was the biggest winner when it came to luring breakaways last year, as reported. The company gained $19.8 billion in assets in 2019 as a result of adding advisors from rivals, according to a report from Echelon Partners.


Miracle Mile Advisors Adds Institutional Consulting Practice

Miracle Mile Advisors has boosted its institutional investor program with the addition of a team of institutional consultants previously with Payden & Rygel, Miracle Mile says.

Gerard Tamparong, Frank Lee and Michael Treidl, who built and managed a $2 billion institutional consulting practice at Payden & Rygel, will head Miracle Mile’s newly-launched Institutional Consulting division, according to a press release from Miracle Mile.

Tamparong, who heads the new group’s client services, has been in the financial services industry for more than 20 years and was most recently Payden & Rygel’s senior vice president and senior portfolio manager in the asset allocation management group, Miracle Mile says.

Lee, who’s also been in the industry for over two decades, is the new division’s investment strategist, according to the press release. He previously managed Payden & Rygel’s equity trading desk and its large-cap domestic and global equity strategies as well as the asset allocation group managing portfolios for institutional clients and high net worth individuals, Miracle Mile says.

Treidl, who’s been in the industry for 10 years, is the new head of operations for Miracle Mile’s Institutional Investor Division, according to the press release. He was previously a portfolio manager in the asset allocation group at Payden & Rygel, working with pension plans, foundations, endowments, Native American Indian tribes, non-profit organizations, schools and unions portfolios, Miracle Mile says.

The new hires will help the firm expand services to institutional investors, including pension plans, foundations, endowments and non-profits, Miracle Mile says. The company already works with several corporate executives and board members of endowments, foundations and pension funds, according to the press release.

“There is a growing need for full-service, cost-effective providers of investment advice to small and mid-sized institutions who need fiduciary guidance and don’t have the resources to do so in-house,” Duncan Rolph, managing partner at Miracle Mile Advisors, says in the press release. “We are now perfectly positioned to fill this need.”


SEC Appoints Austin Gerig as New Chief Data Officer

The SEC has promoted Austin Gerig to chief data officer, the regulator says.

In his new role, effective February 3, Gerig will oversee development of the agency’s data management strategy and data analytics to support examinations, enforcement and policymaking, according to a press release from the regulator. He’ll also be tasked with ensuring that the SEC “collects only the data it needs to fulfill its mission and can effectively secure,” the SEC says.

Gerig, formerly a senior research fellow at the University of Oxford’s Said Business School, joined the SEC in 2014 as a financial economist in the SEC’s Division of Economic and Risk Analysis, according to the press release.

Since 2016, Gerig has headed the office of data science in the division, the regulator says. In that role, he oversaw a team of data scientists and engineers, economists and researchers, according to the press release.

Gerig also co-chairs the regulator’s Data Management Working Group and previously served as the SEC’s representative on two Financial Stability Board groups, the regulator says.

“I am pleased that Dr. Gerig has agreed to bring his broad experience in data strategy and management to this important new role for the Commission,” SEC chairman Jay Clayton says in the press release. “He is well-suited to further our efforts to ensure there is a coherence between the information we collect and the information we need to carry out our mission.”