ON THE MOVE-Morgan Stanley hires three veteran advisers from UBS
March 5 (Reuters) - Morgan Stanley Wealth Management said on Tuesday it had hired three veteran advisers from rival brokerage UBS Wealth Management Americas, expanding its adviser force in New York and Tennessee.
The new recruits, who joined on Friday, were senior vice presidents at UBS, where they managed a combined $296 million in client assets.
In Tennessee, adviser Scott Sexton moved to Morgan Stanley's Knoxville office, where he now reports to branch manager David Elias. Sexton managed $173 million in client assets at UBS and last year generated more than $1 million in annual revenue.
He joined an existing adviser group at Morgan Stanley - the Venable Cantey Pruitt and Sexton team - which manages $700 million in client assets.
In New York, advisers Roxann Romano and Anthony Catalano moved to Morgan Stanley's Park Avenue office in midtown Manhattan. They managed $123 million in client assets at UBS and generated $1.7 million in revenue last year.
They now report to Morgan Stanley complex manager Jim Mulcahy.
UBS Wealth Management Americas is the U.S. brokerage business owned by the Swiss bank UBS AG . The company confirmed the departures but declined to comment further.
Morgan Stanley Wealth Management, majority-owned by Morgan Stanley and partially owned by Citigroup, is the largest U.S. brokerage by adviser headcount and client assets.
Morgan Stanley is often neck-and-neck with Bank of America Corp's Merrill Lynch in size, followed by Wells Fargo Advisors and UBS Wealth Management Americas. The four firms often vie for the same pool of top U.S. advisers.