Dec 3 Morgan Stanley Wealth Management, one of
the leading U.S. brokerages, said it has expanded its footprint
in Florida, Ohio and New Jersey with hires from Merrill Lynch
Wealth Management and Barclays Plc.
The advisers, who came mainly from Merrill and all moved in
the last two weeks of November, together managed $778 million in
client assets at their old firms and had combined annual revenue
of more than $5.6 million, Morgan Stanley said on Monday. The
additions help to partly offset major defections of veteran
advisers from Morgan Stanley over the past few months.
In Miami, advisers Luis Fuentes, Christopher Fuentes and
Rosario Hondermann joined Morgan Stanley from Merrill, the
brokerage owned by Bank of America Corp, last Friday.
The advisers, who managed $373 million in client assets and
produced annual revenue of $1.97 million at Merrill, will report
to complex manager Kevin McCarty, Morgan Stanley said.
In Ohio, advisers Brant Giere and Lisa Szucs joined Morgan
Stanley from Merrill on Nov. 20. They had managed $210 million
in client assets and generated $1 million in annual revenue at
Merrill. They have joined Morgan Stanley's Akron office and will
report to branch manager Jason Haines.
Also in Ohio, advisers Vince Costanzo and Rex Mack joined
Morgan Stanley from Merrill, where they managed $115 million in
client assets and produced annual revenue of $1.4 million.
The team, which switched firms on Nov. 23, is based in Cleveland
and report to branch manager Robert Hartmann.
Morgan Stanley also reported a new hire from Barclays:
Howard Shallcross joined Morgan Stanley's Shrewsbury, New Jersey
office on Nov. 23. At Barclays he managed $80 million in client
assets and produced $1.2 million in annual revenue. Shallcross
reports to branch manager Todd Sacks.
A spokesman for Merrill Lynch declined to comment beyond
confirming the moves. Barclays couldn't be reached for comment.
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 Inc's Smith Barney in 2009.
The firm, a close rival with Merrill Lynch, had nearly
17,000 advisers and about $1.8 trillion in client assets at the
end of the third quarter.