Sept 9 UBS AG's Wealth Management Americas said on Monday it had hired a veteran adviser from rival brokerage Morgan Stanley Wealth Management to join the firm in North Carolina.
Adviser E. Gray Smith III moved to UBS in late August from Morgan Stanley, where he managed $345 million in client assets and generated $1.8 million in annual revenue production.
Smith, who was named to Barron's 2013 list of top advisers, had been with Morgan Stanley and its predecessor firms for 37 years. He started with Citigroup Inc's Smith Barney, eventually joining Morgan Stanley after the company's wealth division merged with Smith Barney in 2009.
Morgan Stanley confirmed Smith's departure but declined to comment further.
Smith was joined by Toni Murphy and Laura Norgaard, both registered client service associates on his team. The team is based in UBS's Winston-Salem office, where Irene Apgar is branch manager.
Morgan Stanley and UBS, along with Bank of America Corp and Wells Fargo & Co, own the largest U.S. brokerages. The four brokerage firms often compete for the same pool of top advisers.