UBS Recruiting Aggressively From The Old Smith Barney While Big Advisory Shops Jump From Securities America

Thursday, August 11, 2011 07:16
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UBS Recruiting Aggressively From The Old Smith Barney While Big Advisory Shops Jump From Securities America

Tags: breakaway brokers | Morgan Stanley

It's clear now that UBS is actively combing the old Smith Barney side of Morgan Stanley for disgruntled reps. And big payers keep trickling out of Securities America ahead of that firm's sale.

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Every single one of the eight advisors -- including a full team in Washington, DC -- that the Swiss bank captured from Morgan recently originally came from Citi Smith Barney.

 

These are not people who had been at Citi for ages. Most joined sometime in the last decade, or in 1999 at the earliest.

 

Losing the DC team in particular could knock as much as $659 million off Morgan's AUM and $6 million off its production, assuming of course that the clients follow their advisors out the door.

 

While the departures leave a hole in Morgan's coverage in Washington, it's got plenty of feet on the ground. A perfunctory search shows close to 150 advisors and teams within 15 miles of the White House.

 

(Fun fact: Morgan never bothered to integrate its database of reps with its Smith Barney list. The two tools still generate completely different sets of names. So much for synergy.)

 

Ex-Citi reps in Connecticut and Ohio also jumped to UBS in the last few days.

 

Meanwhile, some very big teams are also bailing on Securities America, including most of its biggest advisory group.

 

They say they were already headed out, but the looming sale of the company only makes the timing easier.

 

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