Morgan Stanley (MS) said Thursday it recently recruited three UBS (UBS) advisors in New Jersey and Georgia with nearly $1 billion in assets and more than $8 million in yearly fees and commissions. The news comes about one week after Morgan Stanley Smith Barney recruited a New York-based team from Merrill Lynch (BAC) that managed about $1 billion in assets.
Brad Nettune joined MSSB’s office in Short Hills, N.J., from UBS on Oct. 28. Nettune, who now reports to complex manager Jeffrey S. Crystal, has more than $500 million in assets and yearly production of about $3.3 million.
The Rosenberg Group joined MSSB’s Atlanta-perimeter office from UBS on Nov. 2. The team includes advisors Mark D. Rosenberg, Fred Weingart and two staff members.
The Georgia-based team now reports to branch manager Chip Anderson. It has managed about $450 million in assets and had yearly fees and commissions of about $5 million.
On Oct. 26, a five-member team of Merrill Lynch advisors, led by Harvey Kadden and boasting more than $1 billion in assets and $14 million in yearly fees and commissions, joined MSSB in New York.
Bank of America-Merrill Lynch said that same day that it had hired a team in North Texas from Morgan Stanley with about $478 million in assets and $4.4 million in yearly fees and commissions. Also on Oct. 26, ex-Wells Fargo (WFC) advisor Leonard Kinsman joined Merrill’s Staten Island, N.Y., office. He manages about $112.5 million and has yearly production of about $1.4 million.
Merrill had 16,722 advisors as of Sept. 30, while Morgan Stanley had 17,290. Wells Fargo had 15,188 branded (non-bank) advisors, while UBS had 6,913.
As the concentration of assets in the wealth-management industry continues to increase, competition for top advisors is intensifying, experts say. There is also growing pressure from smaller boutique firms, as well as hefty regulatory and financial issues that broker-dealers–and particularly bank-owned firms–must tackle.