ON THE MOVE-Morgan Stanley gains two adviser teams, loses one
NEW YORK Aug 21 (Reuters) - Morgan Stanley has added two teams of brokers in offices in Ohio and North Carolina and lost a high-producing team in Morristown, New Jersey, to UBS .
John Rasweiler, 73, a 55-year industry veteran who had been with Morgan Stanley since 2009, joined UBS in nearby Florham Park, New Jersey, with John Cusate, Jack R. Riley, Michael Jordao, Jesse E. Kent and William Burke, according to UBS. They jointly oversaw $4.8 billion of client assets at Morgan Stanley and produced $10 million of revenue in the last 12 months.
A Morgan Stanley spokeswoman confirmed Rasweiler's departure.
She said Morgan Stanley had hired a team led by veteran Merrill Lynch adviser Kris Jonathan Brenneman in its Akron, Ohio, office. Brenneman, who had been with Merrill since 1987, was joined by his daughter Chelsie Brenneman, who is an adviser, as well as by client service associate Jennifer Roneker. The team managed $130 million in assets and had revenue production of $1.1 million at Merrill, according to Morgan Stanley.
A Merrill spokeswoman confirmed the departure of the Brennemans.
Morgan Stanley earlier this month hired brokers from BB&T Securities LLC, a bank-owned unit of BB&T Corp in North Carolina. Michael Scott Cooper, based in Raleigh, managed $115 million in assets and produced $1.8 million in the previous 12 months, according to Morgan Stanley. Michele Pike Smith, based in Greensboro, managed $80 million in assets and produced $727,000 in the past 12 months. BB&T was not available to confirm the departures.