ON THE MOVE-Morgan Stanley hires big adviser teams from rivals
Aug 27 (Reuters) - Morgan Stanley Wealth Management said Tuesday that it has recruited several large adviser teams from rival firms, including JP Morgan Chase, UBS and HSBC.
In New York, Morgan Stanley hired Scott Siegel, Mehmet Kirdar and Michael O'Hara from JP Morgan Chase, and Joseph Carmody from UBS AG.
The four-adviser team managed a combined $1.5 billion in client assets and had annual revenue production of $6.1 million at their previous firms, Morgan Stanley said.
A JP Morgan spokesman confirmed the departure of the team, but declined to comment further. A UBS spokesman declined to comment.
At Morgan Stanley, Siegel has the title of managing director, Kirdar is a senior vice president and O'Hara and Carmody are assistant vice presidents. They have joined the firm's office at 522 Fifth Ave., reporting to branch manager Michael Simeone.
In Coral Gables, Florida, Morgan Stanley hired Al Maulini and Joseph Torano from HSBC, where they managed $121 million in client assets and had $1.7 million in annual revenue production.
"We confirm the two departures. HSBC will continue to serve its clients in Coral Gables through an experienced team of professionals," an HSBC spokesman said.
They both have the title of vice president and will report to branch manager Sergio Alvarez-Mena.
In Allentown, Pennsylvania, Morgan Stanley hired brothers Frank Marano and Donald Marano from Raymond James, where they managed $100 million in assets and had $1.2 million in annual revenue production.
A spokeswoman for Raymond James declined to comment.
The Maranos both have the title of vice president at Morgan Stanley and will report to complex manager Richard Franchella.
In Atlanta, Morgan Stanley hired Jason Moss, an adviser who managed $130 million in client assets and had $1 million in annual revenue production at Bank of America Corp.'s Merrill Lynch Wealth Management.
A spokeswoman for Merrill confirmed that Moss had left the firm, but declined to comment further.
Moss has the title of senior vice president at Morgan Stanley and will report to branch manager Michael Childs.
All these new advisers officially joined the company last Friday, said Morgan Stanley, which had an adviser headcount of 16,321 at the end of the second quarter, down 157 from a year earlier but up 37 from the first quarter.