September 24, 2019
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Morgan Stanley has reached into rival UBS Wealth Management’s talent base, hiring a duo in Houston for its private wealth unit and a broker in Long Island managing $215 million.
The team of Jeff Parker and Rafael Herrera, who spent their entire two-decade brokerage careers with UBS and predecessor PaineWebber, left Friday for the elite private wealth unit of Morgan Stanley that houses about 250 teams serving very wealthy investors.
The advisors, whose arrival was announced in a press release from Houston complex manager Michael Wesbrooks, were managing about $1 billion and producing $4 million, said people familiar with their practice.
Neither Wesbrooks nor the advisors would comment on the size of their practice, but the news release said they focus on helping corporate executives and ultra-high net worth families deal with concentrated equity portfolios. Morgan Stanley recently trimmed the number of advisors it is allowing to designate themselves as corporate stock plan directors, and it could not be determined if Parker and Herrera will have the designation.
They moved on Friday along with their senior registered client associate Susy E. Ruiz, a Morgan Stanley spokeswoman confirmed. She declined to comment on the size of their practice.
At UBS, Parker and Herrera each held the title of senior vice president and corporate stock benefit consultant. Parker began his brokerage career in April 1998 and Herrera in May 1999 at PaineWebber. Herrera was internally designated as a Top 35 Under 35 advisor in 2013, 2014 and 2015, according to the UBS website.
In New York, Sari Warsaw, a 14-year advisor who had been with UBS for more than a decade, joined Morgan Stanley’s Jericho office in Long Island on September 13. She was generating about $1.1 million in annual revenue on about $215 million of client assets, according to a person familiar with the move.
Warsaw, who began her brokerage career with Smith Barney, did not respond to a request for comment on her move.
For Morgan Stanley, the hires show that the firm is selectively making exceptions to its broader hiring constraints. Along with Merrill Lynch and UBS, the wirehouses have cut their budgets for recruiting budgets and are focusing on incentivizing experienced advisors and managers to remain.
UBS and Morgan Stanley lost teams on Friday that had been producing about $11 million and $2.5 million, respectively, to FIrst Republic Bank and Wells Fargo Advisors.
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