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A fevered round of job-hopping is under way in the US investment adviser business, with teams switching firms or striking out on their own. Many are leaving advisory groups owned by banks for boutique operations or starting their own firms, and taking their books of clients with them.
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“There’s been a flood of managers leaving the banks,” said Trey Prescott, the head of business development for the Advisory Services Network, a platform for registered investment advisers (RIA). While it has been happening for years, “it’s only now catching fire”, he added.
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