Morgan Stanley hauls in $320M Neuberger Berman team

Morgan Stanley Wealth Management has wrapped up a round of mid-September hires that brought in a father-son team managing $320 million in assets at Neuberger Berman, the wealth management subsidiary of asset management firm Neuberger Berman Group. Advisers Joseph Stein Jr. and Jeffrey Stein previously brought in $3.5 million in annual revenue and joined Morgan Stanley's Sixth Avenue office in New York on Sept. 15, according to firm spokeswoman Christine Jockle. Alexander Samuelson, A spokesman for Neuberger Berman, did not return a call seeking comment. Joseph Stein began his career at First Manhattan Co. in 1966, according to registration records with the Financial Industry Regulatory Authority Inc. He had been with Neuberger Berman since 2002. Jeffrey Stein has 16 years of experience in the industry and began his career at Goldman Sachs Group Inc. and had been with Neuberger Berman since 2004, Finra records show. The two report to complex manger Ben Firestein. Morgan Stanley also brought in $340 million in assets in three separate hires. Richard Wilson joined the firm on Sept. 16 in Louisville, Ky., according to Ms. Jockle. He previously managed $110 million and brought in $1.1 million in revenue at UBS Wealth Management Americas. In Lawrenceville, N.J., the firm added former J.P. Morgan Securities adviser Carolyn Sanderson, who produced $1 million a year from $100 million in client assets. She joined Sept. 15. Richard Potashner joined Morgan Stanley's Salt Lake City office from Bank of America Merrill Lynch and previously generated $1.2 million from $130 million in client assets. Morgan Stanley, the largest brokerage firm by head count, reported that it had 16,316 brokers and investment advisers at the end of the second quarter.