Wirehouse Wars: Morgan Stanley Signs $4.2 Million UBS Team in CA
(Updated with new asset and production figures.)
Among the multimillion-dollar teams of brokers Morgan Stanley landed on Friday was a Beverly Hills, CA, duo at UBS producing around $4.2 million in annual fees and commissions, according to people familiar with the hire.
Michael J. Hatch and Harshal Doshi generated the revenue from UBS customers with about $810 million at the firm, according to the sources. They joined Morgan Stanley Wealth’s El Segundo, CA, branch with three associates.
Richard Feuer, a third broker on the Hatch team, remains at UBS, according to his BrokerCheck history.
Doshi and Hatch did not return requests for comment. A spokeswoman for Morgan Stanley confirmed their arrival, but declined to comment on their production metrics nor on specifics of the hiring sweep that occurred last week.
At least three Merrill Lynch teams managing $4.8 billion joined Morgan Stanley in New York and Florida on Friday, and one Morgan Stanley manager said more than 40 new advisors and staff joined that day. The activity follows years of recruiting dormancy as the firm sought to lower expensive recruiting costs and focus on broker retention.
Morgan Stanley now considers its net number of brokerage force additions an “important metric,” its chief financial officer said last week.
Both Morgan Stanley and UBS exited the Protocol for Broker Recruiting almost three years ago in order to cut recruiting costs. They have occasionally sought restraining orders and damages against departing brokers who allegedly took client contact information with them to their new firms in violation of their employment contracts. The Protocol permits brokers to take limited contact information if joining another Protocol firm.
Hatch ranked as #125 on Forbes’ 2020 list of best-in-California advisors published in January.
He had worked at UBS in Beverly Hills since March 2003, just two years after first registering to sell securities with Trust Company of the West’s TCW Brokerage Services, according to his BrokerCheck history.
Doshi had spent his entire 17-year brokerage career through Friday at UBS, according to his BrokerCheck history.
Spokespeople at UBS, which like Morgan Stanley has recorded net losses of dozens of brokers annually despite its Protocol exit, declined to comment.