Gulf Coast brokerage firm Sterne Agee has hired one of the assistant managers of Morgan Stanley's San Francisco operation in order to spearhead its own push to the West Coast.
Gregory Cheng used to help run Morgan's sprawling San Francisco complex, which boasts nearly 100 advisors.
In fact, the firm still claims him as one of them on its site. Let's see how long that stays up.
He went to Sterne Agee because he wanted to take a more client-oriented approach than Morgan supports nowadays. Talking about the move, he said "I'm delighted to be part of a firm that still values high-touch relationships with its people, its clients, and the communities in which it serves."
Unlike just about everybody else who's fled Morgan in the last few months, he actually came up from the Morgan Stanley side, not from Smith Barney.
At Sterne Agee, he has a pretty broad mandate to build the Alabama-based firm's footprint in Northern California and beyond. San Francisco is currently their only office west of the Mississippi.