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Advisor Groups Leave Morgan Stanley To UBS, BoA Merrill Lynch In US
Eliane Chavagnon
15 January 2013
Two advisor groups have left Morgan Stanley Wealth Management in Short Hills, New Jersey, to join UBS Wealth Management Americas and Bank of America Merrill Lynch, according to Reuters. UBS has reportedly taken on James Schwarz, Donald Rosenthal, Rachel
Schwarz and Susan Fanburg from Morgan Stanley, where the team operated
as the Short Hills Group and generated about $2.8 million in annual fees
and commissions. Together, they managed over $1 billion in client
assets. Meanwhile, Merrill Lynch 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, the news service said. UBS confirmed the move, but Merrill Lynch had yet to respond to queries from this publication about the matter. Morgan Stanley declined to comment. In a similar move last week, Morgan Stanley Wealth Management
confirmed that it has appointed three advisors from Merrill Lynch and
UBS in Paramus and Shrewsbury, New Jersey. According to a Reuters tally, top advisors at US brokerages shifted a total of $132.5 billion in client assets last year.