Jan 14 Top U.S. brokerage Morgan Stanley Wealth
Management lost two veteran advisers teams in Short Hills, New
Jersey, to UBS AG's Wealth Management Americas and Bank of
America Corp's Merrill Lynch last week.
UBS confirmed on Monday that it has hired James Schwarz,
Donald Rosenthal, Rachel Schwarz and Susan Fanburg from Morgan
Stanley, where the team was known as the Short Hills Group and
generated about $2.8 million in annual fees and commissions. The
group together managed more than $1 billion in client assets,
This is a highly coveted team of advisers that could have
gone to any firm, said Danny Sarch, a New York-based financial
"They're the kind of advisers Morgan Stanley doesn't want to
lose and anybody would like to have - and would be grateful to
have," Sarch said.
Meanwhile, Merrill Lynch confirmed Friday that it has hired
James Rohmann and Steven Filiaci, who had an annual production
of about $2.6 million at Morgan Stanley and managed $189 million
in client assets.
A spokeswoman for Morgan Stanley declined to comment on the
Morgan Stanley Wealth Management, majority owned by Morgan
Stanley and partially owned by Citigroup Inc., is
among the largest U.S. brokerages by adviser headcount and
assets under management. The brokerage often vies for the same
pool of top U.S. advisers as Merrill, UBS and Wells Fargo
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.