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(Reuters) - Top U.S. brokerage Morgan Stanley Wealth Management said on Monday it landed a veteran adviser from Wells Fargo & Co and an adviser team from JP Morgan Chase & Co, expanding the firm's presence in Colorado and New York.
The new recruits, who moved on Friday, managed a combined $434 million in client assets at their old firms.
In Colorado, adviser Calvin Mason joined Morgan Stanley's Pueblo office from Wells Fargo Advisors, the brokerage owned by Wells Fargo & Co. Mason managed $144 million in client assets at Wells and generated $1.4 million in annual revenue last year.
He reports to Morgan Stanley complex manager Thomas Octigan.
In New York, advisers Steven Sheresky, Jeffrey Sheresky and Jeffrey Samsen joined Morgan Stanley's Midtown Manhattan office from J.P. Morgan Securities, a subsidiary of JP Morgan Chase & Co. The advisers, who have all worked in the industry for roughly three decades each, managed $290 million in client assets at the firm.
They report to Morgan Stanley complex manager Ben Firestein.
Morgan Stanley Wealth Management, majority owned by Morgan Stanley and partially owned by Citigroup, is among the largest U.S. brokerages by adviser headcount and assets under management.
The firm 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.
JP Morgan declined to comment on the departures. Wells did not immediately return a request for comment.
Reporting by Ashley Lau in New York; Editing by James Dalgleish