Another big loss from the old Smith Barney is another big win for Morgan Stanley's competitors. This time, HighTower is the winner.
Anne Rieder managed $2 billion in client assets as branch manager of Morgan Stanley's Chicago branch.
But her real pedigree is as a 12-year Citi Smith Barney advisor before that firm's shotgun marriage with Morgan back in 2009.
Now that she's gone to advisor roll-up firm HighTower, she'll be running its Midwest operations and helping to recruit more military veterans to the advisory force.
Naturally, the question here is whether advisors like Rieder are considered "low performers" at Morgan.
The attrition from Morgan Stanley has been almost exclusively from advisors who come from the Smith Barney side.
AUM seems to have nothing to do with it. Is it too early to call Morgan Stanley Smith Barney a failed merger?