Morgan Stanley has added two teams of brokers in offices in Ohio and North Carolina and lost a high-producing team in Morristown, New Jersey, to UBS, according to Reuters.
John Rasweiler, a 55-year industry veteran who had been with Morgan Stanley since 2009, has joined UBS in nearby Florham Park, New Jersey, along with John Cusate, Jack R. Riley, Michael Jordao, Jesse E. Kent and William Burke, according to UBS.
They jointly oversaw US$4.8 billion of client assets at Morgan Stanley and produced US$10 million of revenue in the last 12 months.
A Morgan Stanley spokeswoman said that the firm has hired a team led by veteran Merrill Lynch adviser Kris Jonathan Brenneman in its Akron, Ohio, office.
Brenneman, who had been with Merrill since 1987, was joined by his daughter Chelsie Brenneman, who is an adviser, as well as by client service associate Jennifer Roneker.
The spokeswoman added that Morgan Stanley has also hired brokers Michael Scott Cooper and Michele Pike Smith from BB&T Securities, a bank-owned unit of BB&T Corp in North Carolina.
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Cooper based in Raleigh has managed US$115 million in assets and produced US$1.8 million in the previous 12 months, according to Morgan Stanley.
Smith, based in Greensboro, has managed US$80 million in assets and produced US$727,000 in the past 12 months.