March 5 Morgan Stanley Wealth Management said on
Tuesday it had hired three veteran advisers from rival brokerage
UBS Wealth Management Americas, expanding its adviser force in
New York and Tennessee.
The new recruits, who joined on Friday, were senior vice
presidents at UBS, where they managed a combined $296 million in
In Tennessee, adviser Scott Sexton moved to Morgan Stanley's
Knoxville office, where he now reports to branch manager David
Elias. Sexton managed $173 million in client assets at UBS and
last year generated more than $1 million in annual revenue.
He joined an existing adviser group at Morgan Stanley - the
Venable Cantey Pruitt and Sexton team - which manages $700
million in client assets.
In New York, advisers Roxann Romano and Anthony Catalano
moved to Morgan Stanley's Park Avenue office in midtown
Manhattan. They managed $123 million in client assets at UBS and
generated $1.7 million in revenue last year.
They now report to Morgan Stanley complex manager Jim
UBS Wealth Management Americas is the U.S. brokerage
business owned by the Swiss bank UBS AG . The
company confirmed the departures but declined to comment
Morgan Stanley Wealth Management, majority-owned by Morgan
Stanley and partially owned by Citigroup, is the
largest U.S. brokerage by adviser headcount and client assets.
Morgan Stanley is often neck-and-neck with Bank of America
Corp's Merrill Lynch in size, followed by Wells Fargo
Advisors and UBS Wealth Management Americas. The four firms
often vie for the same pool of top U.S. advisers.