Morgan Stanley recruits $388M advisor in latest grab
Morgan Stanley has recruited an advisor who managed $388 million while at UBS, according to a spokeswoman.
It’s the most recent hire for the wirehouse, which has said it would reduce recruiting efforts. Similar initiatives have been announced at UBS — which sparked the trend over a year ago — and Merrill Lynch.
These policy statements, however, haven’t completely frozen the hiring of top talent.
In this latest move, former UBS advisor Christine Carona in late July joined Morgan Stanley in Boston, where she now reports to branch manager Bill Drew.
It seems that a long bull market in transition deals may be coming to an end.
"It's always nice when one poker player folds and it's down to two or three players," one recruiter says.
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
While at her prior firm, she generated more than $2 million in annual revenue, according to Morgan Stanley.
Carona had been with UBS since 2009, according to FINRA BrokerCheck records. Previously, she worked at Smith Barney for nearly a decade. She’s been in the business since starting her career at Merrill Lynch in 1986, per BrokerCheck.
Morgan Stanley recently reported that its brokerage force remained stable at 15,777 advisors, while client assets hit a record $2.24 trillion.
A UBS spokesman declined to comment on Carona's departure.
UBS, for its part, hasn’t completely refrained from recruiting new advisors either. The Swiss firm last announced new hires in July, when UBS brought over two RBC advisors who managed $290 million in client assets.