Morgan Stanley lands $829M team in latest recruiting grab

Morgan Stanley recruited a J.P. Morgan Securities team that oversaw more $829 million in client assets, a spokeswoman said.

Advisers Donald Fung, Matt Palleschi, John Campbell and Brian Bechelli joined Morgan Stanley last week in Menlo Park, California. They report to Scott Rash, complex manager.

Their combined production is approximately $4.3 million, according to Morgan Stanley.

• Going independent
• Career moves
• Regional BDs
• Recruiting
• Wirehouses
• Wirehouse advisors

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Fung, an industry veteran of nearly 30 years, had been at J.P. Morgan since 2003, according to FINRA BrokerCheck records. He has past work experience at Credit Suisse and Dean Witter.

Palleschi started his career at Bear Stearns in 1999, according to BrokerCheck records. He later worked for UBS with Campbell and the two transitioned to J.P. Morgan in 2009. Bechelli began his career at the firm in 2012.

A spokeswoman for J.P. Morgan declined to comment on the departures.

For Morgan Stanley, the new hires represent the latest recruiting win. The wirehouse has swept up several sizable teams so far this year. Three groups that oversaw approximately $575 million in client assets joined Morgan Stanley from Merrill Lynch earlier this month, spurred to make the move because of Merrill's plans to cease offering commission-based retirement accounts as part of its effort to comply with the fiduciary rule.

Morgan Stanley also netted another team in California that managed $576 million in client assets.

J.P. Morgan Securities, meanwhile, recently changed its leadership. Chris Harvey replaced the retiring Greg Quental as CEO of the boutique wealth management unit, which has approximately 420 financial advisers catering to ultrawealthy clients.