$5B Credit Suisse team latest to spurn Wells Fargo by joining Morgan Stanley

Wells finds exclusive recruiting agreement not enough to close the deal with all of the Swiss firm's brokers.

Morgan Stanley picked up a $5 billion private wealth advisor team from Credit Suisse, the firm announced Monday.
The team consists of 13 individuals including private wealth advisers Richard Zinman, Anthony Dertouzos and John Moreno, according to Christine Jockle, a spokeswoman for Morgan Stanley. Mr. Zinman and Mr. Dertouzos will work as managing directors and Mr. Moreno will serve as an executive director.
The team will be based out of New York and report to Nelson Gaertner, the Park Avenue complex manager.
The three brokers joined Credit Suisse in 2008, according to records with the Financial Industry Regulatory Authority Inc. Prior to that they had all worked at Smith Barney.
After it announced it was closing its U.S. private bank, Credit Suisse signed an exclusive agreement with Wells Fargo & Co. to recruit its brokers. But that hasn’t stopped Credit Suisse brokers from looking elsewhere.
The Morgan hire comes on the heels of another defection of Credit Suisse brokers to UBS. Three Houston teams with a combined $3.2 billion in client assets joined UBS two weeks ago.