May 7 (Reuters) - 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 departures.