Jan 7 (Reuters) - Top U.S. brokerage Morgan Stanley Wealth Management said on Monday it added three veteran advisers in New Jersey from Bank of America Corp’s Merrill Lynch and UBS AG’s Wealth Management Americas.
In Paramus, advisers Diane Alecci and Lynn Blanchard joined Morgan Stanley from Merrill Lynch, where they managed $500 million in client assets and generated roughly $2.9 million in revenue last year.
Alecci had been with Merrill since 1976, while Blanchard had been with the brokerage since 1985, according to regulatory filings. Both were senior vice presidents at Merrill. They moved to Morgan Stanley on Friday and now report to branch manager Eric Jansen.
In Shrewsbury, adviser Ralph Marra joined Morgan Stanley from UBS Wealth Management Americas, the U.S. brokerage owned by the Swiss bank. Marra managed $150 million in client assets at UBS and generated roughly $2.1 million in revenue last year.
Marra was a senior vice president at UBS. He moved on Thursday to Morgan Stanley and now reports to branch manager Todd Sacks.
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 Merrill in size, followed by Wells Fargo Advisors and UBS.
The four firms, so-called wirehouse brokerages because of their affiliation with large banks, often vie for the same pool of top U.S. advisers.
Top advisers at U.S. brokerages last year shifted $132.5 billion in client assets, a Reuters tally showed. Reuters tracks the moves of individual advisers and teams that manage $100 million or more in client assets, which typically translates to $1 million or more in annual revenue production.
Bank of America and UBS confirmed the departures but declined to comment further.