April 25 Morgan Stanley Wealth Management, the
largest U.S. brokerage and majority-owned by Morgan Stanley
, has bolstered its adviser force in California and
Florida with two veteran hires from rival firms.
The new additions, who moved to Morgan Stanley in April,
came from Deutsche Bank and Bank of America
Corp's Merrill Lynch.
In Florida, Eric Behr joined Morgan Stanley's Boca Raton
office from Deutsche Bank, where he was a director and client
adviser. Behr, who has worked in the industry for more than two
decades, had an annual revenue production of roughly $1.2
million. He reports to Morgan Stanley complex manager Michael
Higgins in his new role.
In California, Thomas McCann joined Morgan Stanley's La
Jolla office from Merrill, where he managed more than $200
million in client assets and last year generated about $1.1
million in revenue. McCann, who had been at Merrill since 1986,
now reports to complex manager Mark Kremers at Morgan Stanley.
Morgan Stanley also said it hired adviser David Rascoe from
Wells Fargo & Co's U.S. brokerage division, Wells Fargo
Advisors. Rascoe, who joined Morgan Stanley's San Diego office,
managed $80 million in client assets and last year generated
$905,000 in revenue.
Bank of America, Deutsche Bank and Wells Fargo confirmed the
departures but declined to comment further.
Morgan Stanley Wealth Management, which is partially owned
by Citigroup Inc, was formed out of the merger of Morgan
Stanley's wealth division and Citi's Smith Barney in 2009. The
combined unit created the largest U.S. brokerage by adviser
headcount and client assets under management.
Merrill Lynch and Wells Fargo Advisors are the second- and
third-largest U.S. brokerages, following Morgan Stanley. The
firms often compete for the same pool of top advisers.