While James Schwarz, Donald Rosenthal, Rachel Schwarz and Susan L. Fanburg, who had generated about US$2.8 million in annual fees and commissions, have left Morgan Stanley for UBS AG, James Rohmann and Steven Filiaci, who had an annual production of roughly US$2.6 million on US$189 million in client assets, have joined Merrill Lynch.
Together, the two groups had managed over US$1 billion and US$189 million in client assets, respectively.
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Prior to joining UBS Wealth Management Americas, Schwarz and Rosenthal had worked at Citigroup Inc. and remained with the joint venture with Morgan Stanley for nearly 20 years.
Rohmann and Filiaci started at Merrill Lynch earlier this week, joining their former team member from the Suburban Financial Advisory Group at Morgan Stanley, Francis Dunn, who moved to Merrill from Morgan Stanley in October 2012.
Though the spokespeople for Merrill Lynch, Morgan Stanley and UBS have confirmed the moves, they declined to comment further.
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