The recruiting food chain of the wirehouses is now a little clearer as Morgan Stanley absorbs a substantial New York City team from UBS.
Morgan has grabbed PC Wealth Management, located in Midtown Manhattan, from UBS.
The team, which comprises Michael Paesano, Jeffrey Cadan, Richard Perkins, and Matthew Hayford as well as support staff, generated $6.4 million in fees last year.
That would translate into roughly $8 billion in AUM at the average UBS production ratio of 0.78%.
Note that all new advisors coming into Morgan Stanley Smith Barney are actually coming into "Morgan Stanley," since that will be the successor brand of the merged wirehouse once they retire the Smith Barney brand.
Advisors are fleeing the old Smith Barney side of the firm, heading to UBS, independent networks, or just about anywhere else.
So if advisors are also jumping from UBS, it looks like a circle -- part of the normal churn of the wirehouse world.
But it really starts to look like Morgan in particular is slowly winning the wave of consolidation that changed the industry forever after 2008. Maybe it's doing that at the expense of Smith Barney.