Credit Suisse First Boston continues to shed brokers. David Fenning and his partner, Chris Conroy, based in New York, moved over to UBS on Sept. 24, working at UBS' Sixth Avenue office in Manhattan; the two are million-dollar producers, according to sources. Fenning had been with CSFB and its predecessor, DLJ, for nine years. Prior to DLJ, Conroy had worked at Smith Barney. Meanwhile, Dallas-based Edward Heartfield, Karen Melissa Lowrey and Chris Green, who as a team produced more than $3 million, according to sources, moved in early September to Smith Barney from CSFB. Green and Heartfield had been with DLJ since 1997; Lowrey had been with DLJ since 1998.
Bear Stearns hired away high-net-worth specialist Michael Caso from Oppenheimer, where he had worked for 10 years. Caso will serve as a managing director of Bear's private client services division. Caso, who is based in Boston, specializes in money management and “structured derivative transactions” for high-net-worth investors, CEOs and institutions. Bear Stearns declined to release Caso's assets under management, but it is believed to be above $200 million.
In another move to bolster Schwab Institutional, the firm has hired Fred Petrino as vice president and business development officer of its Chicago branch. Petrino, who has been with Schwab for 15 years, previously worked as VP of Schwab's advisor network in the “Central United States.” He will be in charge of all the firm's Chicago operations.