Morgan Stanley Smith Barney LLC recently recruited two teams of financial advisers from UBS AG and Bank of America Merrill Lynch that had a combined trailing 12-month production of just under $10 million between them.
The four-person UBS team — Michael Paesano, Jeffrey Cadan, Richard Perkins and Matthew Hayford — will now work out of MSSB’s midtown Manhattan office and report to branch manager David Turetzky. According to a source familiar with the team, which operates under the PC Wealth Management name, the four advisers had combined trailing-12 month revenues of $6.4 million.
The source did not know the amount of assets under management. Four associates and assistants will join them at MSSB.
A spokesperson for UBS confirmed the team had left the company.
MSSB also recently signed up a two-man team out of Newport Beach, Calif., from Bank of America Merrill Lynch. David Runstrom, a 34-year Merrill Lynch veteran, and Eric Noyes, who worked at Merrill for 12 years, managed $332 million in assets and had combined production of $3.3 million.
They join MSSB’s Newport Beach office and will report to South Orange County complex manager Lance Million.
Merrill Lynch representatives did not immediately return a call to confirm the departures.