Morgan Stanley Nabs $14-Mln UBS Trio, $2.9-Mln JPMorgan Duo
Morgan Stanley sated some of its revived recruiting hunger on Friday by luring a $14-million trio of producers from UBS Wealth Management U.S.A. in New York and a Florida duo generating $2.9 million led by a 31-year J.P. Morgan/Bear Stearns veteran.
A Morgan Stanley spokeswoman confirmed their hires at the firm’s E. 52nd Street branch in Manhattan, along with that of advisor Grant Templin (who had been a wealth strategy associate at UBS, according to their former website) and their client associates.
“During our due diligence it was clear that Morgan Stanley now has the best platform and technology to give our clients all they need,” Platt said in a prepared statement. “We think they’ve truly separated themselves as the leader in the industry.”
Both Morgan Stanley and UBS retrenched from recruiting three years ago, concurrent with their withdrawals from the Protocol for Broker Recruiting, but each has recently stated its interest in reopening the hiring doors. UBS in January hired a 17-person Merrill Lynch team producing almost $17 million, and several sub-$2 million teams in the last three months.
The new Morgan Stanley team in Manhattan oversaw about $2 billion of client assets at UBS, said a person familiar with their book. The two-branch Park Avenue Plaza complex that they joined on Friday in total added 12 advisors last year with combined production above $14 million and $1.7 billion of client assets under management at their former firms, said a person familiar with the business.
Barron’s in 2019 ranked Reali #109 of its “top 1200 advisors,” saying his team worked with 300 client households.
The Palm Beach, Florida team that left J.P. Morgan Securities on Friday includes Damion Carufe, Chong Luo and two client associates. They produced $2.9 million at the bank-owned brokerage firm last year on about $300 million of client assets, according to the person familiar with the new brokers’ practices.
Carufe, who began his brokerage career in 1984, had worked continuously at J.P. Morgan since December 1988, according to his BrokerCheck history. Chong began his career with Smith Barney in 2007, and stayed through its integration into Morgan Stanley before leaving for J.P. Morgan in August 2010. The team primarily provides stock-management services to corporate executives, according to their former J.P. Morgan websites.
Reali, who UBS listed as the senior broker on the team, began his brokerage career in 1986 with Drexel Burnham Lambert but had worked at Morgan Stanley and predecessor firms Lehman Brothers and Smith Barney from 1989 until his departure to UBS early in 2011, according to BrokerCheck.
Vigue began his career with muni-bond firm J.B. Hanauer in 1982, and joined Smith Barney in 1995 after stints with Chase Securities and Dean Witter Reynolds. Platt, whose wife’s stepfather is former Prudential Securities Chairman George Ball, began his career in 1993 at Smith Barney. Templin began his brokerage career in August 2010 with Morgan Stanley, prior to leaving with the senior brokers in 2011 for the team’s nine-year UBS sojourn, according to BrokerCheck.
A J.P. Morgan Securities spokeswoman declined to comment on the departure of the Carufe team, and spokespeople at UBS did not respond to requests for comment about the departures of Platt, Reali, Templin and Vigue.