Jan 14 (Reuters) - Top U.S. brokerage Morgan Stanley Wealth Management lost two veteran advisers teams in Short Hills, New Jersey, to UBS AG’s Wealth Management Americas and Bank of America Corp’s Merrill Lynch last week.
UBS confirmed on Monday that it has hired James Schwarz, Donald Rosenthal, Rachel Schwarz and Susan Fanburg from Morgan Stanley, where the team was known as the Short Hills Group and generated about $2.8 million in annual fees and commissions. The group together managed more than $1 billion in client assets, UBS said.
This is a highly coveted team of advisers that could have gone to any firm, said Danny Sarch, a New York-based financial services recruiter.
“They’re the kind of advisers Morgan Stanley doesn’t want to lose and anybody would like to have - and would be grateful to have,” Sarch said.
Meanwhile, Merrill Lynch confirmed Friday that it has hired James Rohmann and Steven Filiaci, who had an annual production of about $2.6 million at Morgan Stanley and managed $189 million in client assets.
A spokeswoman for Morgan Stanley declined to comment on the departures.
Morgan Stanley Wealth Management, majority owned by Morgan Stanley and partially owned by Citigroup Inc., is among the largest U.S. brokerages by adviser headcount and assets under management. The brokerage often vies for the same pool of top U.S. advisers as Merrill, UBS and Wells Fargo Advisors.
Top advisers at U.S. brokerages last year shifted $132.5 billion in client assets, a Reuters tally showed. Reuters tracks the moves of individual advisers and teams that manage $100 million or more in client assets, which typically translates to $1 million or more in annual revenue production.