April 8 Morgan Stanley Wealth Management said on
Monday it added four veteran adviser teams from rival wealth
units at Bank of America Corp, Wells Fargo & Co
and JPMorgan Chase & Co, expanding its broker footprint
in Florida and Pennsylvania.
The new recruits, who joined Morgan Stanley on Friday,
managed more than $765 million in client assets at their old
firms. Morgan Stanley Wealth Management, majority owned by
Morgan Stanley, is already the largest U.S. brokerage by
adviser headcount and client assets under management.
In Florida, advisers Gaston Abello and Felix Jaimovich
joined Morgan Stanley's Aventura office from Bank of America
Corp's Merrill Lynch. The advisers had an annual revenue
production of $2.1 million and managed $165 million in client
assets. They report to complex manager Bill Van Scoyoc.
Also on the move in Florida, advisers William Seabrook and
Kathleen Chiappone joined Morgan Stanley's Orlando office from
Wells Fargo Advisors, the brokerage owned by Wells Fargo & Co.
The advisers, who report to branch manager Derek Tangeman, had
an annual revenue production of $1.8 million.
In Pennsylvania, advisers Paul Emrick, Troy Hottenstein and
Scott Holland joined Morgan Stanley's private wealth management
group in Philadelphia from JP Morgan's private banking division.
The advisers managed $400 million in client assets and had an
annual revenue production of $3.7 million. They report to
complex manager Rick Frick.
Morgan Stanley's private wealth management group caters to
ultra-high-net-worth clients with $20 million or more in
Also on the move in Pennsylvania, advisers Robert Iocco and
Francis Ciocari joined Morgan Stanley's Blue Bell office from
Merrill Lynch. The advisers managed more than $200 million in
client assets and had an annual revenue production of $1.6
Morgan Stanley Wealth Management, which is partially owned
by Citigroup, was formed out of the merger of Morgan
Stanley's wealth unit and Citi's Smith Barney in 2009.
The brokerage is often neck-and-neck with Merrill Lynch in
size, followed by Wells Fargo Advisors and UBS AG's Wealth
Management Americas. The four firms often vie for the same pool
of top U.S. advisers.
JP Morgan and Wells Fargo declined to comment on the
departures. Bank of America did not immediately return a request