Wells Fargo Advisors (WFC) won the exclusive right to openly woo some 300 Credit Suisse advisors in the U.S. last month. This week, though, it became quite clear how much competition there is for these registered reps.
UBS (UBS) added four teams in the Lone Star State from Credit Suisse, for instance, which should bring more than $3.6 billion in client assets to the firm.
The new team of David Smith and Patrick Moore left Credit Suisse for UBS Wealth Management Americas in Dallas, reporting to Tommy Stacy. Each advisor manages assets of about $231 million and has yearly fees & commissions of $2.3 million.
In Houston, three new teams came on board, also from Credit Suisse. The first of these groups includes Mike Hood and Mike Green, each managing assets of $434 million, with production of $1.7 million.
The second new team is comprised of Langston Turner (assets of $777 million and production of $5.2 million), Frank Hogan (assets of $443 million and production of $2.9 million) and Daryl Allen (assets of $216 million and production of $1.4 million).
The third new UBS group includes Will Huthnance and Christopher Black, each with $444 million in assets and $5.8 million in production. All the new teams in Houston report to Raymond DiNunzio, managing director, UBS Private Wealth Management.
(Last week, UBS said it recruited a Credit Suisse advisor in Chicago with about $200 million in client assets, while Merrill Lynch added one in New York with $600 million.)
Morgan Stanley News
Six advisors, managing nearly $2 billion in assets, have joined Morgan Stanley (MS) — including two from Credit Suisse.
James Fitzgerald left Barclays for the wirehouse firm in New York, where he now reports to Ben Firestein, complex manager, with assets of $960 million and production of more than $1 million.
William Gambrill and Joseph Najar, with a combined total of $610 million in assets and production of $6.42 million, moved to Morgan Stanley from Credit Suisse; they report to Dave Turetsky, branch manager, also in New York.
In addition, Marcio da Rocha, previously with Scotiabank, now reports to Nelson Gaertner, Park Avenue complex manager for Morgan Stanley in New York; da Rocha manages $103 million of client assets and has annual fees & commissions of $1.1 million.
Patrick Smith recently departed Wells Fargo for Morgan Stanley Private Wealth Management in Minneapolis, where he reports to Mark Gherity. Smith has yearly production of $1.4 million and assets of $140 million.
In California, Morgan Stanley’s Laguna Niguel office welcomed Robert Collier, who earlier worked for Wells Fargo. Collier manages about $140 million and has $1.8 million in production.
Scott Rosser, Denise Kenny, Derek Mahoney and Kevin Chiu all joined Bank of America-owned (BAC) U.S. Trust: Rosser as a private client advisor in Los Angeles from HSBC Private Bank. Kenny came on board as a private client advisor in Chicago from Merrill Lynch; Mahoney is a private client manager in New York and used to be with J.P. Morgan Private Bank; and Chiu is also based in New York as a private client manager, after leaving Citi Private Bank.