Billion-dollar-asset J.P. Morgan Private team in Atlanta to become UBS advisors, while $150-million father-son team of UBS/PaineWebber lifers join J.P. Morgan Securities in New Jersey.
Two million-dollar brokers in Aventura join one week after Morgan Stanley hired dozens of advisors and support staff across the country from UBS and Merrill Lynch.
Regulator fines and suspends a novice broker who J.P. Morgan fired for moving customer money to higher-paying money market funds without authority and a senior former RayJay and UBS broker who took loans from a friend and customer without permission.
While Morgan Stanley was recruiting large teams from rivals such as Merrill Lynch in recent weeks, Wells picked off smaller teams nationwide from Morgan Stanley, UBS and a regional firm.
Among the rush of seasoned brokers Morgan Stanley recruited from wirehouse competitors last week was a two-advisor UBS team in Beverly Hills said to be producing $4.2 million.
Morgan Stanley’s net recruiting number is again an “important metric” and will move “much closer to zero” this year versus its historical negatives, CFO says.
Credit Suisse loses attempt to vacate arbitration decision requiring it to pay more than $400,000 of former brokers’ lawyer fees.