ON THE MOVE-UBS Wealth lands Morgan Stanley broker team in California
Jan 31 (Reuters) - UBS AG's Wealth Management Americas said on Thursday it landed a team of veteran advisers from rival brokerage Morgan Stanley Wealth Management, expanding the firm's adviser footprint in California.
Advisers Bob Rumishek, Alex Velto, Rusty Volkert and John Cowley joined UBS's Brea office from Morgan Stanley, where they managed $330 million in client assets. The team generated $2.7 million in annual revenue last year.
Both Rumishek and Velto, who were senior vice presidents at Morgan Stanley, had been at the firm for more than three decades. They started their careers with E.F. Hutton & Co in 1980 and 1979, respectively, and stayed with the firm through a series of acquisitions.
Morgan Stanley Wealth Management, the largest U.S. brokerage by client assets and headcount, is majority-owned by Morgan Stanley and partially owned by Citigroup Inc.
Morgan Stanley confirmed the departures but declined to comment further.
The team moved on Thursday morning and now reports to UBS branch manager Glenn Wiessner and complex director Lindsay DeNardo. The advisers were joined by sales assistants Betty Ireland and Arianne Volkert.
UBS Wealth Management Americas is the fourth-largest U.S. brokerage. The firm, along with Morgan Stanley Wealth Management, Bank of America Corp's Merrill Lynch and Wells Fargo Advisors, often vies for the same pool of veteran advisers.
UBS also said last week it added former Merrill Lynch adviser Todd Starkey, who managed $260 million in client assets and had an annual revenue of $2.1 million.