UBS Nabs $4.8B Group; Morgan Stanley Picks Up Reps With $325M

The wirehouse broker-dealers are seeing a decent number of arrivals and departures in mid-August

Wirehouse and other advisors continue to get enticed by rival broker-dealers and switch firms, even in the dog days of summer.

UBS (UBS) said early Wednesday that it recruited Rasweiler Group, which has $4.8 billion in client assets and yearly fees & commissions of $10 million.

The veteran group, formerly with Morgan Stanley (MS), will be based in Florham Park, N.J. It includes six advisors: John Rasweiler, John Cusate, Jack Riley, Michael Jordao, Jesse Kent and William Burke.

For its part, Morgan Stanley just picked up Kris Breeneman and Chelsie Brenneman, a father-and-daughter team, previously with Merrill Lynch (BAC), and who have prior assets of $130 million and annual production of $1.1 million.

The group is based in Akron, Ohio, and now reports to Jason E. Haines, a Morgan Stanley branch manager.

Morgan Stanley also recruited Michael Scott Cooper and Michele Pike Smith from BB&T Securities.

Michael Scott Cooper has had yearly production of $1.8 million and client assets of $115 million. He will be based in Raleigh, N.C. Michele Pike Smith has annual fees & commissions of $727,000 and client assets of $80 million. She will work in Greensboro, N.C.

Both of the new Morgan Stanley advisors report to area branch manager John Blakley.


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