November 6, 2012 / 6:01 PM / 5 years ago

ON THE MOVE-Morgan Stanley adds veteran broker in Michigan

Nov 6 (Reuters) - Top U.S. brokerage Morgan Stanley Wealth Management has expanded its adviser force in Michigan with a hire from Chase Investment Services.

Adviser Bryan Schon moved to Morgan Stanley's U.S. brokerage last Thursday after roughly six years at his old firm, where he managed $205 million in client assets and had $1.45 million in annual revenue production.

Schon, who has worked in the industry for more than a decade, was a senior financial adviser at Chase Investment, an affiliate of JPMorgan Chase & Co. He was also an adviser with UBS, according to regulatory filings.

Schon joined Morgan Stanley's Bloomfield Hills, Michigan, office and reports to branch manager William Eastin.

Morgan Stanley said in late October it hired adviser teams from Wells Fargo Advisors and Raymond James Financial Inc.

The additions to Morgan Stanley Wealth Management helped to partly offset major defections of veteran advisers over the past quarter. They each had more than $1 billion in client assets.

Morgan Stanley Wealth Management, one of the largest U.S. brokerages by client assets and adviser headcount, was formed out of the merger of Morgan Stanley's wealth business and Citigroup's Smith Barney in 2009. It is majority owned by Morgan Stanley.

The firm had nearly 17,000 advisers and about $1.8 trillion in client assets at the end of the third quarter.

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