June 16, 2011 / 8:30 PM / 8 years ago

UBS hires four Stoners from Morgan Stanley

* UBS hires team producing $3.9 mln trailing-year revenue

* Husband and wife team managed $300 mln in assets

By Joseph A. Giannone

NEW YORK, June 16 (Reuters) - UBS Wealth Management Americas UBSN.VX poached a team of Morgan Stanley Smith Barney brokers generating $3.9 million of revenue in the past year, bolstering its Charlotte, North Carolina, office.

The Stoner Group is comprised of a husband-and-wife broker team, Charles and Eileen Stoner, that managed $300 million in client assets. Their son, Chuck, and daughter-in-law, Christina, work as client service associates.

Charles Stoner worked at Morgan Stanley Dean Witter in Huntersville, North Carolina, for 16 years and spent the past two years as part of Morgan Stanley’s joint venture with Citigroup Inc’s (C.N) Smith Barney, Financial Industry Regulatory Authority records show.

Eileen Stoner spent 13 years at Morgan Stanley (MS.N).

FINRA records also show that in 2005 Charles and Eileen Stoner were ordered by arbitrators to pay a pair of customers $1,500 around the purchase of Class B mutual funds.

The clients had sought $200,000 in damages and fees, alleging the Stoners had purchased unsuitable investments and made misrepresentations about investments and fees.

Reporting by Joseph A. Giannone, editing by Bernard Orr

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