Morgan Hires $350M Team

Morgan Stanley recruited a Credit Suisse team managing $350 million in client assets, a spokeswoman for the wirehouse said.

Advisors Andrew Kaskel, David Cundey, Burt Hilton and Scott Quinto joined Morgan Stanley's New York Office, where they report to Justin Ferdula, branch manager.

The move comes after Credit Suisse had struck a recruiting deal with Wells Fargo, giving the wirehouse an inside track on picking up its advisors as Credit Suisse looks to exit the U.S. wealth management market.

Wells Fargo offered Credit Suisse advisors up to 300% to transition their books over to the wirehouse, according to people familiar with the matter. However, several large Credit Suisse teams have opted for Wells Fargo competitors such as J.P. Morgan and Morgan Stanley.

A Credit Suisse spokeswoman was unavailable to comment on the departures.

Morgan Stanley's new hires are all industry veterans with more than 20 years of industry experience each.

Kaskel started his career with Bear Stearns in 1991, moving to Credit Suisse in 2008, according to FINRA BrokerCheck records. Cundey and Quinto also began their careers the same year at Franklin Templeton and Oppenehimer.

In 1989, Hilton started his financial services career at Salomon Brothers.

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