20 December 2021
by AdvisorHub staff
Los Angeles, CA
In a mixed result for the biggest wire house, Morgan Stanley Wealth Management lost a producer of $ 1.4 million to UBS Wealth Management USA in Los Angeles, but added a producer of JP’s $ 932,000. Morgan Advisors in Chicago.
In the biggest of the moves, Brett C. Moore joined a UBS branch in Beverly Hills after managing $ 130 million in client assets, according to an announcement and someone familiar with his practice. Moore, who focuses on advising companies on retirement plans, had been with Morgan Stanley since 2016 and joined UBS on December 2, according to BrokerCheck.
Prior to joining Morgan Stanley, Moore spent most of his 24-year career in operations and portfolio management roles with a registered investment advisory firm, Dunvegan Associates, according to his LinkedIn profile.
“Brett brings great value to our team as we continue to grow our presence in Beverly Hills and the Los Angeles market,” UBS Beverly Hills Resort Manager Kreg Pearless said in a statement.
For UBS, this decision underlines a renewed appetite for recruitment which has broadened to include salaried private banking teams in addition to the traditional veterans of communication agencies and regional brokerage. UBS also announced last week that it hired Diane O. Johnston, a 15-year-old broker, from AllianceBernstein in Jericho, New York.
A spokesperson for UBS declined to comment on assets under management or in production for Johnston, which focuses on working with institutional clients, including endowments and foundations. She worked at eight different companies during her 15-year career and joined UBS on December 1, according to BrokerCheck.
A week after Moore stepped down, Morgan Stanley for its part hired a 33-year industry veteran from JP Morgan’s traditional brokerage unit for its Chicago Tower Branch office, according to the registry records. .
Boyd Edward (BE) “Rusty” Dose III was an executive director at JP Morgan Advisors and joined Morgan Stanley on December 8, according to his LinkedIn profile and BrokerCheck report. He could not be reached immediately for comment.
He had generated $ 923,000 in annual revenue on $ 115 million in client assets, according to a source close to his practice.
Dose started at Kirkpatrick, Pettis, Smith, Polian Inc. in 1990, joined UBS Wealth Management in 1992 and AG Edwards & Sons in 2003 before joining JP Morgan in 2007, according to BrokerCheck.
Morgan Stanley has around 16,000 brokers, although this year it stopped listing a specific workforce in earnings reports. UBS’s Americas business, which includes several hundred brokers in Latin America and Canada in addition to its main option in the United States, had 6,266 advisers at the end of September, down eight advisers sequentially and slightly less 2% compared to 6,353 the previous year.