ON THE MOVE-Morgan Stanley scores four broker teams from rivals
April 8 (Reuters) - Morgan Stanley Wealth Management said on Monday it added four veteran adviser teams from rival wealth units at Bank of America Corp, Wells Fargo & Co and JPMorgan Chase & Co, expanding its broker footprint in Florida and Pennsylvania.
The new recruits, who joined Morgan Stanley on Friday, managed more than $765 million in client assets at their old firms. Morgan Stanley Wealth Management, majority owned by Morgan Stanley, is already the largest U.S. brokerage by adviser headcount and client assets under management.
In Florida, advisers Gaston Abello and Felix Jaimovich joined Morgan Stanley's Aventura office from Bank of America Corp's Merrill Lynch. The advisers had an annual revenue production of $2.1 million and managed $165 million in client assets. They report to complex manager Bill Van Scoyoc.
Also on the move in Florida, advisers William Seabrook and Kathleen Chiappone joined Morgan Stanley's Orlando office from Wells Fargo Advisors, the brokerage owned by Wells Fargo & Co. The advisers, who report to branch manager Derek Tangeman, had an annual revenue production of $1.8 million.
In Pennsylvania, advisers Paul Emrick, Troy Hottenstein and Scott Holland joined Morgan Stanley's private wealth management group in Philadelphia from JP Morgan's private banking division. The advisers managed $400 million in client assets and had an annual revenue production of $3.7 million. They report to complex manager Rick Frick.
Morgan Stanley's private wealth management group caters to ultra-high-net-worth clients with $20 million or more in investable assets.
Also on the move in Pennsylvania, advisers Robert Iocco and Francis Ciocari joined Morgan Stanley's Blue Bell office from Merrill Lynch. The advisers managed more than $200 million in client assets and had an annual revenue production of $1.6 million.
Morgan Stanley Wealth Management, which is partially owned by Citigroup, was formed out of the merger of Morgan Stanley's wealth unit and Citi's Smith Barney in 2009.
The brokerage is often neck-and-neck with Merrill Lynch in size, followed by Wells Fargo Advisors and UBS AG's Wealth Management Americas. The four firms often vie for the same pool of top U.S. advisers.
JP Morgan and Wells Fargo declined to comment on the departures. Bank of America did not immediately return a request for comment.