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Practice Management > Compensation and Fees

Morgan Stanley Adds 7 Advisors, $1B in Assets

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Morgan Stanley Smith Barney (MS) said Tuesday that it had recruited seven financial advisors from Merrill Lynch (BAC), UBS (UBS) and RBC with more than $1 billion in assets under management and total annual fees and commissions of roughly $11 million. The seven advisors, which include three teams, join Morgan Stanley in New York, New Jersey and Ohio.  

Mark Donohue, formerly with RBC Dain Rauscher, is now part of Morgan Stanley’s News York City office on the Avenue of the Americas, where he reports to Henry Kaplan, complex manager. Donohue has managed more than $700 million in assets and posted yearly production of $6 million.

The Jones/Woods Group of Bryan Jones and James Woods joined MSSB’s Akron, Ohio, office from Merrill Lynch. The team reports to Northern Ohio Complex Manager Thomas Russ. The group’s recent asset level was $210 million, while its combined yearly fees and commissions were close to $2 million.

In Hudson, Ohio, the Naples Team–T. Gregory Naples and Chris Naples–joined MSSB from UBS and now reports to Paul Sheeks, branch manager. The team’s combined production is close to $1.3 million and it’s recent AUM was $100 million. The Hudson office is part of MSSB’s Northern Ohio Complex, which is managed by Thomas Russ.

The Bernstein Rosen Group–Nancy Bernstein and Greg Rosen–are now part of MSSB’s Bedminster, N.J., office after coming over from Merrill Lynch. The team reports to branch manager Robert Milligan Jr., and has combined production of roughly $1.4 million and assets of $157 million.

Morgan Stanley said last week that it had recently recruited three UBS advisors in New Jersey and Georgia with nearly $1 billion in assets and more than $8 million in yearly fees and commissions.

And in late October, a five-member team of Merrill Lynch advisors based in New York, led by Harvey Kadden and boasting more than $1 billion in assets and $14 million in yearly fees and commissions left the firm to join Morgan Stanley Smith Barney.

The number of financial advisors in Morgan Stanley Smith Barney–which is led by James Gorman–was 17,291 as of Sept. 30, a 2% drop from 17,638 on June 30 and a 5% decline from 18,119 a year ago. Average annualized revenue (or fees and commissions) per advisor totaled $747,000 vs. $785,000 in the second quarter and $686,000 in the third quarter of 2010.

Rival Merrill Lynch reported last month that it had 16,722 financial advisors as of Sept. 30, each with about $854,000 in average yearly fees and commissions based on the third quarter’s results.


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