Jan 7 Top U.S. brokerage Morgan Stanley Wealth
Management said on Monday it added three veteran advisers in New
Jersey from Bank of America Corp's Merrill Lynch and UBS
AG's Wealth Management Americas.
In Paramus, advisers Diane Alecci and Lynn Blanchard joined
Morgan Stanley from Merrill Lynch, where they managed $500
million in client assets and generated roughly $2.9 million in
revenue last year.
Alecci had been with Merrill since 1976, while Blanchard had
been with the brokerage since 1985, according to regulatory
filings. Both were senior vice presidents at Merrill. They moved
to Morgan Stanley on Friday and now report to branch manager
In Shrewsbury, adviser Ralph Marra joined Morgan Stanley
from UBS Wealth Management Americas, the U.S. brokerage owned by
the Swiss bank. Marra managed $150 million in client assets at
UBS and generated roughly $2.1 million in revenue last year.
Marra was a senior vice president at UBS. He moved on
Thursday to Morgan Stanley and now reports to branch manager
Morgan Stanley Wealth Management, majority owned by Morgan
Stanley and partially owned by Citigroup, is among
the largest U.S. brokerages by adviser headcount and assets
under management. The firm is often neck-and-neck with Merrill
in size, followed by Wells Fargo Advisors and UBS.
The four firms, so-called wirehouse brokerages because of
their affiliation with large banks, often vie for the same pool
of top U.S. advisers.
Top advisers at U.S. brokerages last year shifted $132.5
billion in client assets, a Reuters tally showed. Reuters tracks
the moves of individual advisers and teams that manage $100
million or more in client assets, which typically translates to
$1 million or more in annual revenue production.
Bank of America and UBS confirmed the departures but
declined to comment further.