Morgan Stanley Hires UBS Pair in Texas Generating $3.2 Million
A UBS team in Fort Worth, Texas, that was generating $3.2 million in annual revenue moved to Morgan Stanley on Friday, at least the sixth team since the end of August to have made the inter-wirehouse journey.
Lacamp and Redell, who have 34 and 36 years of industry experience, had been with UBS since June 2009, and also worked together at RBC Wealth Management and Prudential Securities, according to their BrokerCheck records. Their four support staffers at UBS, including one of Lacamp’s daughters, also made the move.
The brokers, who host a two-hour, daily “Money-Sense” radio show, did due diligence on other firms for about 18 months, said a person familiar with their hire. Neither returned requests for comment on their decision.
Morgan Stanley and UBS two years ago pulled out of the Protocol for Broker Recruiting and severely cut their experienced-broker recruiting budgets, in part to pare down the overhang of recruiting loans on their balance sheets. Morgan Stanley earlier this year, however, signaled to managers that they can more actively recruit, with UBS appearing to be a prime target.
UBS three weeks ago filed a lawsuit and arbitration claim against a $4.5 million team in New Albany, Ohio, that moved to Morgan Stanley, accusing its leader of shopping the branch that he managed to the highest bidder.
Another team in the New Albany branch joined a Morgan Stanley office in Columbus, Ohio, on September 6, a few days after a similar inter-firm trip by two UBS teams in Houston, including one producing about $4 million.
Morgan Stanley in September also hired a Merrill Lynch private wealth team in LaJolla, Calif. with $2.5 million in revenue.
Morgan Stanley’s revived appetite for recruiting from rivals pits it against Wells Fargo Advisors, which has been dangling deals that headhunters said can reach more than 300% of trailing-12-month revenue on the front- and back-ends in an effort to reinforce its scandal-depleted brokerage force. Morgan Stanley is believed to be offering a number close to that to top-tier producers.
With 15,553 brokers as of September 30, Morgan Stanley remains the largest wirehouse by workforce, although the number fell by a net 102 over the previous 12 months. UBS had 6,627 brokers in the Americas (including small forces in Canada and Latin America) at the end of September, off by 283 since the year-earlier quarter.