Michael Marchassalla, the managing director and complex manager for some of Morgan Stanley Wealth Management’s most profitable offices in New York, has quit the organisation, Reuters has reported.
Marchassalla, a veteran Smith Barney broker, joined Morgan Stanley when it began absorbing Smith Barney in 2009.
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According to the publication, the New York City branches which Marchassalla ran have a large international clientele.
An unidentified source told Reuters that the complexes Marchassalla oversaw produce revenue of at least US$70 million annually.
Apart from Marchassalla, another executive, John Algeri, has also left the firm, according to the Reuter’s report.
Algeri was a service manager at one of the offices managed by Marchassalla and had been with the company for 18 years.
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