NEW YORK, March 25 The broker tug-of-war between
Morgan Stanley and UBS Wealth Americas in
Florida continued this month as veteran adviser David Behar
jumped to Morgan Stanley after nine years with UBS.
Behar gathered $1.75 million of fees and commissions in the
12 months prior to his March 21 move and managed about $200
million of client assets, according to people familiar with the
move. He was not part of a team at UBS.
The shift comes a year after two Morgan Stanley teams that
together managed more than $2.4 billion of assets at the
Aventura branch, jumped to UBS's office in the same city in
March 2013. The partners were Allan Yarkin and Hank Boyce on one
team, and Seth Ripple and Leonard Suskind on the other.
William Van Scoyoc, manager of the Miami-area Morgan Stanley
branch declined to comment. Van Scoyoc, who has worked at Morgan
Stanley and its Dean Witter predecessor for almost 20 years,
himself spent two months at UBS in 2010 before being lured back
to Morgan Stanley.
For Behar, the move is something of a homecoming. His first
stint as a financial adviser was in 1999 at Smith Barney, the
Citigroup retail brokerage that Morgan Stanley acquired in
full last year. At UBS, Behar worked in the international unit
in Miami and most recently at its U.S. financial services arm,
also in Miami, according to his FINRA records.
A UBS spokesman declined to comment.
Separately, Albert Fox, Edward Penberthy and Joseph Dehn
joined Morgan Stanley's Mount Laurel, New Jersey, office from
Merrill Lynch last Thursday. They managed client assets of over
$600 million when they left, and report to branch manager
Richard Maratea. Fox had been with Merrill since 1994, Penberthy
since 1996 and Dehn since 2000, according to FINRA records.
(Reporting by Jed Horowitz; Editing by Leslie Adler)