He will take up the role from 30 January, has more than 35 years experience in investment banking, most recently as Vice Chairman of Lazard & Co.
Peter Grogan, Will Kelly and Mimi Schanzlin are the latest to leave the New York-based broker-dealer Harold C. Brown & Co, which is closing its doors after roughly 80 years in the business.
“The loyalty these advisors have demonstrated during what must have been an excruciatingly stressful period is a testament to their character, their dedication to clients and the importance they place on being a part of a firm that is like family.&a
There are no changes to the ownership or control of Eagle or the Eagle Family of Funds resulting from Riess’s retirement, or any material change in investment advisory or portfolio management services provided by Eagle.
The company said Yoichiro Hamaoka, who had run the property brokerage's business in Japan for the last 12 years, was stepping down and would take on the role of chairman.
"This is a great example of someone who was at a wirehouse for many decades and really had a strong desire to go independent," said Hiter, who now oversees Hanks.
Morgan Stanley Smith Barney, the largest U.S. brokerage, hired two veteran advisers from Merrill Lynch to its broker base, a source with knowledge of the move told Reuters on Wednesday.