Morgan Stanley Wins Latest Round In Wirehouse Advisor Shuffle...Barely Hot

Morgan lost Brian Zalewski in Chicago to UBS. Zalewski was producing a respectable $1.1 million on a $110 million book -- and yes, he's from the Smith Barney side of the Morgan "family."

Meanwhile, Morgan was recruiting Michael Parziale and Daniel Morilak away from Wells Fargo's Rancho Santa Fe offices in California.

Parziale and Morilak were doing $2.2 million a year on a $175 million book, so they were both significantly larger and significantly more efficient than the advisor Morgan lost.

And since Morgan has expressed its interest in letting "weaker" advisors go while only courting the biggest players it can find, that net win seems to fit the firm's strategy.

But once again, the fact that Zalewski comes from Smith Barney raises warning flags. Not every disgruntled advisor jumping from Morgan Stanley Smith Barney is missing the old Citigroup days, but it seems like most of them are.

On the other side of the Zalewski jump, this proves that UBS is still actively hiring advisory talent in the United States, not laying them off. Even if its Swiss banking operations are facing the scalpel, the recruiting money is evidently still there.

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