By Elizabeth Dilts
NEW YORK, March 16 (Reuters) – Three brokers who managed nearly $850 million in client assets at their prior firms jumped ship to join the biggest brokerage on Wall Street, Morgan Stanley, a Morgan spokeswoman said Monday.
The brokers, who are located on the East and West coasts, joined from two of Morgan Stanley’s biggest competitors, Wells Fargo Advisors and UBS, as well as from SunTrust Investment Services, part of SunTrust Banks.
The SunTrust adviser, Mark Leonard, joined Morgan Stanley on Feb. 13 in McLean, Virginia, where he had managed $435 million in client assets and produced $2.9 million in revenues last year for the firm.
Dan Schwala joined Morgan Stanley in February also to the firm’s office in Beverly Hills, California. Schwala joined from UBS where he managed $267 million in client assets and generated $1.7 million last year in revenue.
Thomas Cagganello joined Morgan Stanley in January from Wells Fargo in Westport, Connecticut, where he managed $145 million in client assets and produced $1.175 in fees and commissions for the firm.
Morgan Stanley employs more than 16,000 financial advisers in the U.S., making it the largest brokerage by sales force. Wells Fargo has more than 15,000 advisers and UBS has just over 7,000.
Morgan Stanley hired an elite team in January to its Greystone Consulting division, but had made had not made any recruitment announcements in recent weeks.
In January, the Chicago-based Stephans Van Liew and Oiler Group joined Morgan Stanley from Merrill Lynch, where the eight-member team of brokers and client associates had managed $6.5 billion in institutional and private client assets.
UBS declined to comment, and Wells Fargo declined to comment beyond confirming Cagganello left the firm. SunTrust did not immediately respond with comment.
(Reporting by Elizabeth Dilts; editing by; Andrew Hay)
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