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Morgan Stanley (MS) has made a big end-of-summer recruiting push and attracted nine more advisors from rival broker-dealers, the wirehouse said early Tuesday.
The advisors are expected to join the firm with about $1.85 billion in client assets and some $10 million in yearly fees and commissions.
Scott Siegel, Mehmet Kirdar and Michael O'Hara moved to Morgan Stanley from JPMorgan Chase (JPM), while Joseph Carmody came over from UBS (UBS), which last week recruited a New Jersey-based team from Morgan Stanley with some $4.8 billion in assets and $10 million in yearly production.
The new Morgan Stanley group has formed the SKOC Team, which has some $1.5 billion in total client assets and trailing-12-month fees and commissions of $6.1 million. The team joins Morgan Stanley Wealth Management's office at 522 Fifth Ave. in New York, where the advisors report to branch manager Michael Simeone
Al Maulini and Joseph Torano moved to Morgan Stanley in Coral Gables, Fla., where they now work with branch manager Sergio Alvarez-Mena. The two advisors join the wirehouse from HSBC. The Maulini and Torano Team has total client assets of $121 million and yearly production of $1.7 million.
The Marano Brothers Team, which includes Frank and Donald Marano, came to Morgan Stanley from Raymond James Financial Services (RJF) with about $100 million in assets and yearly fees and commissions of $1.2 million.
The team is now based in Allentown, Pa., and reports to complex manager Richard Franchella.
Also, Jason Moss moved to Morgan Stanley from Bank of America-Merrill Lynch (BAC) in the Atlanta area. He has client assets of $130 million and yearly production of $1 million.
Moss now works with branch manager Michael Childs in Morgan Stanley’s Pinnacle office.
The Morgan Stanley financial advisors had average fees and commissions (also known as production) of $866,000 in Q2’13, up 2% from $851,000 in Q1’13 and up 12% from $770,000 in Q2’12.
Check out 13 Best & Worst Broker-Dealers: Q2 Earnings, 2013 on ThinkAdvisor.