Morgan Stanley

The move is the latest in a string of new hires at the regional brokerage firm.

The regional firm's latest hires come just a week after it hired a Morgan Stanley branch manager.

The new hires joined from UBS and Morgan Stanley, according to the firm.

The role of the firm's latest hire has yet to be determined.

The duo launched a new independent practice with the firm's Investment Advisors Division.

The new recruit joins after the regional firm paid $150 million to settle a lawsuit brought by an SEC receiver.

The move does not apply to the giant asset management firm's ETFs, and clients are not required to liquidate existing positions.

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The new recruit's business focuses on Latin American clients.

The elite brokerage unit picked up three veteran advisers, On Wall Street reports exclusively.

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The executive, who oversees the investment bank and retail brokerage units, was paid $15.3 million in 2015.

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