Big Brokers Rebuild After Compliance Flaps at Goldman, Morgan Stanley
Howard Diamond Quoted
By Thomas Coyle
A career Goldman Sachs broker and a former Morgan Stanley duo who left earlier this summer after allegations they ran afoul of compliance rules are re-emerging as independent investment advisers.
Scott Neu, who had been with Goldman Sachs for 17 years, has started his own registered investment advisory firm, Sage Mountain Advisors, in Atlanta, according to his attorney, Ross Intelisano of Rich, Intelisano & Katz in New York.
“There has been a drastic uptick in firms’ lack of tolerance for any sort of compliance breach,” said Howard Diamond, a headhunter in Morristown, N.J., who said he was not familiar with the circumstances of the terminations. “Taking a harder line with brokers has been the norm in this recent period.”