April 9, 2012

Morgan Stanley Grabs 2 UBS Teams, 1 From Deutsche Bank

The combined assets of the new reps are about $1.4 billion, while the total yearly fees and commissions are close to $8.7 million

The Morgan Stanley headquarters in Times Square. (Photo: AP) The Morgan Stanley headquarters in Times Square. (Photo: AP)

Morgan Stanley (MS) said Monday that it recently recruited four UBS advisors and two Deutsche Bank FAs. The combined assets of the three teams are about $1.4 billion, while the total yearly fees and commissions are close to $8.7 million.

Thus far in 2012, many heavyweight wirehouse teams have switched firms. At the same time, the wirehouses are under renewed pressure from boutique firms like HighTower and independent broker-dealers like LPL Financial (LPLA), which have been working hard to lure wirehouse reps into new practice models and business channels.

In its latest announcement, Morgan Stanley Smith Barney said Jonathan Klausner and John Duffy joined its Indianapolis, Ind. office Tuesday from UBS (UBS). The team now reports to Indiana complex manager Kathy Birk and branch manager Kenneth Langston. Its combined production is about $4 million, whiles its prior assets under management are $650 million.

According to MSSB, the team of Klausner and Duffy specializes in working with affluent and emerging-affluent families and individuals. Its typical account size is about $3 million in assets, and the average client net worth is $5 million. The team includes two client service associates and an additional advisor, Derek Disalvo.

James Flood and Michael Romer came to Morgan Stanley in Melville, N.Y., from UBS on Thursday. They have combined fees and commissions of roughly $1.65 million and previous client assets of $213 million. The team now reports to Suffolk County complex manager Dino Carfora.

Marc Richman and Brian Bernhardt recently moved to Morgan Stanley Private Wealth Management from Deutsche Bank. They report to Richard Frick, the MSSB Philadelphia complex manager. Their previous combined yearly production is almost $3 million, and their prior client assets were $500 million.

Morgan Stanley is set to report its first-quarter earnings on April 19.

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