| July 18
July 18 Morgan Stanley Smith Barney landed
veteran broker teams that managed more than $4 billion in client
assets at rival brokerages Merrill Lynch and UBS Wealth
Management Americas, bolstering its adviser force across the
In North Carolina, advisers James Harris and Pam Ashley
joined Morgan Stanley Smith Barney's Charlotte office from
Merrill Lynch, the brokerage owned by Bank of America.
Harris had been at the firm for more than four decades and
managed more than $3 billion in client assets with Ashley,
according to a source with knowledge of the move. They had an
annual production of roughly $5 million.
In Texas, advisers Javier Vargas and Ramon Perez joined
Morgan Stanley Smith Barney's Houston office from UBS Wealth
Management Americas, the U.S. brokerage division of the Swiss
bank . Vargas and Perez managed $300 million in
client assets and generated roughly $3.6 million in revenue.
Morgan Stanley Smith Barney confirmed both teams joined but
did not comment on the advisers' client assets or production
Also on the move, Arkansas-based advisers Brent Henry,
Dustin Colebank and Mike Hudson joined Morgan Stanley Smith
Barney's Rogers, Ark. office from Merrill, where they managed
$230 million in client assets. They generated more than $2.3
million in annual revenue last year and now report to complex
manager John Terry.
From UBS, Florida-based advisers Sheldon Hechtman and Ellen
Klersfeld joined Morgan Stanley Smith Barney's Boca Raton, Fla.
office. They managed $211 million in client assets and generated
$1.6 million in annual revenue last year. They now report to
complex manager Michael Higgins.
In Minnesota, adviser Blane Hammer joined Morgan Stanley
Smith Barney's Wayzata, Minn. office from UBS, where he managed
$120 million in client assets and generated $1.3 million in
revenue last year. Hammer, a two-decade industry veteran, now
reports to branch manager Peter Keller.
Morgan Stanley Smith Barney also said it hired adviser Eliot
Ross in New York from Barclays, where he managed $98 million in
client assets. Ross joined the firm's Park Central branch in
Midtown Manhattan and now reports to branch manager David
Turetzky. He generated just over $1 million in annual revenue
Morgan Stanley Smith Barney was formed after the merger of
Morgan Stanley's wealth unit and Citigroup's Smith
Barney in 2009. The firm is often neck-and-neck with Merrill
Lynch for the spot as the largest U.S. brokerage. UBS Wealth
Management Americas is the fourth-largest brokerage.
Morgan Stanley Smith Barney had 17,193 advisers managing
$1.7 trillion in client assets at the end of March. Morgan
Stanley, which has a majority stake in the brokerage, reports
second-quarter earnings results on Thursday.