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Technology > Investment Platforms > Turnkey Asset Management

Morgan Stanley Adds Reps From UBS, Credit Suisse

By Janet Levaux

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Morgan Stanley said Monday that it recently recruited an advisor team from UBS and an advisor from Credit Suisse. The combined production of the three new Morgan Stanley Smith Barney advisors is close to $3 million.

Richard Jenkin and Thomas Ferrante joined MSSB’s office in Jericho, N.Y., from UBS. The team, which has total trailing-12-month fees and commissions of $1.33 million and assets under management of about $210 million, now reports to Jeffrey Reiss, the North Shore complex manager. 

Patricia Glass, formerly with Credit Suisse, joined MSSB’s Park Central Branch-Midtown Complex as a senior vice president.

Glass was considered a top producer at Credit Suisse’s New York office and one of Credit Suisse Private Banking USA’s most successful female advisors, according to Morgan Stanley, with more than $1.6 million in yearly fees and commissions. She will now report to branch manager David Turetzky.

Last week, Morgan Stanley (MS) said it recruited one UBS (UBS) team and two Merrill Lynch (BAC) teams with combined assets of about $1.2 billion and yearly production of more than $8.2 million.

The aggressive recruiting push on behalf of the wirehouses and other national firms is partly due to the fact that restrictions tied to retention packages are winding down, and advisors have become more comfortable about switching firms, experts say.

The number of Morgan Stanley Smith Barney advisors dropped 2% in the first quarter of 2012 from the previous quarter and 5% from last year to 17,193, while total assets under management hit nearly $1.75 trillion, a jump of 7% from the previous quarter and a 2% increase from last year. (It had 17,512 advisors in the fourth quarter of 2011 and 18,124 in the first quarter of 2011.)

These reps produced average trailing-12-month fees and commissions of $787,000 and managed average client assets of $101 million; these figures were both up about 5% from the same year-ago period. 

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