Morgan Stanley scores teams from UBS, Merrill
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
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 — Jeffrey Cadan, Matthew Hayford, Michael Paesano and Richard Perkins — will 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 as PC Wealth Management, the four advisers had combined trailing 12-month revenue of $6.4 million.
The source didn’t know the amount of assets under management.
Four associates and assistants will join the team at MSSB.
UBS spokeswoman Karina Byrne confirmed that the team left the company.
MSSB also recently signed up a two-man team from 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.
Bank of America Merrill Lynch spokeswoman Selena Morris confirmed that the team left the company.
E-mail Andrew Osterland at [email protected].
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