May 7 Morgan Stanley Wealth Management, the
largest U.S. brokerage and majority-owned by Morgan Stanley
, has expanded its adviser force in New York and Tennessee
with veteran hires from brokerages Wells Fargo Advisors and
Stifel, Nicolaus & Co.
The new additions, who made the switch to Morgan Stanley on
Friday, joined the firm as senior vice presidents.
In New York, adviser Paul Bagnato moved to Morgan Stanley
from Wells Fargo Advisors, the St. Louis-based brokerage owned
by Wells Fargo & Co. Bagnato, who had been at Wells for
more than a decade, managed $165 million in client assets at the
firm and generated $1.7 million in annual revenue last year.
Bagnato joined Morgan Stanley's Mount Kisco office, where he
reports to branch manager Mark Willis.
In Tennessee, adviser Alissa Carloss moved to Morgan Stanley
from Stifel, Nicolaus & Co, the broker-dealer owned by St.
Louis-based Stifel Financial Corp. Carloss, who had been
with Stifel since late 2009, managed $135 million in client
assets at the firm and generated just over $1 million in annual
revenue last year.
She joined Morgan Stanley's Jackson office, where she
reports to Little Rock complex manager John Terry. She was
joined by her father, Terry Nance, who is a consulting group
analyst on her team.
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.
Wells Fargo and Stifel declined to comment on the