UBS scores $2 billion Morgan Stanley team

UBS scores $2 billion Morgan Stanley team
The third billion-dollar-plus team to leave Morgan this summer is the latest in a series of big swaps.
NOV 19, 2015
After a relatively quiet second quarter for recruiting, UBS Wealth Management Americas is making headlines with the addition of a large team from Morgan Stanley that managed about $2 billion in assets. The team of four advisers, including Glenn Arthurs, Chris Malof, Jay Blair and Wyatt Arthurs, were responsible for about $10 million in annual revenue at Morgan Stanley, according to a UBS spokesman, Gregg Rosenberg. A spokeswoman for Morgan Stanley, Christine Jockle, confirmed the move, but declined to comment further. The four, who operate as the Arthurs Malof Group, joined UBS in Buffalo, N.Y., on Monday. Their business mostly involves working with wealthy and ultra-wealthy clients, and consulting for institutional retirement plans. The move marks a major hire for UBS after a somewhat quiet second quarter in which the firm brought on six teams and about $160 million in assets under management, according to InvestmentNews' Advisers on the Move database. The database tracks announced or reported moves, but may not be comprehensive, given that not all hires are made public. At the end of the second quarter, UBS said it had 6,948 advisers, down 2% from 7,119 a year ago. Morgan Stanley reported 15,771 advisers, down 3% from 16,316 a year ago. This Arthurs Malof Group move is the third large departure from Morgan Stanley announced this summer. In June, Raymond James & Associates Inc. said it had picked up a $2.4 billion team from Morgan Stanley in Boca Raton, Fla. Last month, a team with about $1 billion in assets left to join Jefferies Group in Miami. Morgan Stanley has also picked up a number of large teams, according to the database. Last month, it added a $1 billion team of two advisers from Barclays PLC's U.S. wealth management unit, the assets of which are being sold to Stifel Financial Corp. In addition, Morgan Stanley added a $1.3 billion team from UBS in May.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.