There's nothing private about the departures from Macquarie Private Wealth.

A laundry list of Macquarie refugees have found homes at rival firms Shaw and Partners, Ord Minnett and Bell Potter Securities in the wake of a sweeping redundancy round in its private wealth unit last month. Shaw and Partners has been particularly quick to capitalise.

Co-Chief executive Allan Zion told Street Talk on Wednesday the stockbroking and advisory firm had nabbed 10 former Macquarie staff, taking assets under management to $17 billion.

The hires include Stephen Elliott and Monique James in Brisbane; Morise Saba, Michael Crone, Michael Briody, Suhas Mahajan, (Kevin) Hung Chi Duong and Rob McLean in Sydney; Daniel Warren in Perth; and Matt Cryer in Melbourne. "These advisers come from one of Australia's great institutions, Macquarie," Zion said. "We are excited that they have selected Shaw as their place of choice to service their loyal clients."

Macquarie's private wealth division has endured a number of issues in the past five years. A two-year enforceable undertaking came to an end in 2015, although the corporate regulator put Macquarie on probation for another year.

The EU followed accusations of misclassification of clients, sloppy paperwork and rampant cheating on development exams.

Source: AFR, 13 June 2018 http://www.afr.com/street-talk/macquaries-pain-is-shaw-and-partners-gain-20180613-h11c1d