Weekend Wirehouse Moves: Morgan Stanley Adds, Merrill and UBS Subtract
In another sign that movement of veteran large-firm advisers is not entirely moribund, a lifelong UBS/PaineWebber broker spent her weekend at her new Morgan Stanley office in VIrginia contacting former clients while a father-and-son team who spent the last nine-and-a-half years at Merrill Lynch in Los Angeles were dialing clients at a First Republic office.
The Virginia broker is Donna L. Mitchell, who says on her UBS “professional experience” website that she was a first vice president who managed over $100 million of assets.
Mitchell, who joined PaineWebber in May 1988, moved alone, said a person answering the phone of the Morgan Stanley branch, which lists 13 advisers on its website. Her former UBS partner John W. Hoffman, Jr., a first vice president and portfolio manager, remains with the firm, as does the team’s client service associate. Neither Mitchell, Hoffman nor UBS spokespersons responded to requests for comment.
Bill Nash, Morgan Stanley’s branch manager in Roanoke who helped lure 33-year Merrill Lynch veteran Ryland Hubbard to the office 14 months ago, said company policy prohibited him from commenting. A Morgan Stanley spokeswoman confirmed Mitchell’s arrival, but declined to comment on her practice. Neither Morgan Stanley nor UBS are members of the Protocol for Broker Recruiting.
On the West Coast, First Republic Bank’s “Investment Management” unit on Friday reached once again into the ranks of Merrill Lynch, this time to bulk up its Century CIty branch in Los Angeles.
Garry and Joshua Pace joined the bank as managing directors from Merrill’s Westlake Village office, where sources familiar with their practice said they produced $1.5 million in fees and commissions in the previous 12 months and oversaw around $180 million of assets. First Republic announced their move in a press release on Monday, but did not discuss the team’s production.
At Merrill, Garry Pace was a senior portfolio manager who was qualified by the firm to “use his own strategies to manage the assets of other Merrill Lynch Advisors’ clients,” according to his LinkedIn profile.
A Merrill spokeswoman confirmed the team’s departure. Garry Pace, who has a law degree from Brigham Young University and became a stockbroker in 1983 with Kidder, Peabody, did not respond to a message left with First Republic on Monday.
Merrill has been a steady supplier of talent to First Republic since the San Francisco-based bank repurchased itself from Merrill and parent Bank of America in 2010 and took it public. UBS also has fueled First Republic’s wealth management ranks with some very large teams.
First Republic, which like Merrill is a member of the Protocol for Broker Recruiting, employs about 150 advisers nationwide—including 35 in the Los Angeles area, according to its “Investment Management” website. The Los Angeles brokers include David Hou, Mark Sear, Hezy Shalev and other former members of Luminous Capital, the registered investment advisory firm that formed the nucleus of First Republic’s high-net-worth brokerage operations when it purchased the RIA in 2012. Most of the former Luminous team members were Merrill Lynch veterans.