UBS Group AG (NYSE:UBS)
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5 Years : From May 2012 to May 2017
Brokerage joint venture Morgan Stanley Smith Barney recently recruited seven financial advisers, including a high-producing team from UBS Wealth Management Americas, a unit of UBS AG (UBS), that was recognized in the Barron's list of the top 1,000 advisers state-by-state in America.
On April 3, Jonathan Klausner and John Duffy joined Morgan Stanley Smith Barney's Indianapolis office. The team, which reports to Kathy Birk, Indiana complex manager, and Kenneth Langston, branch manager, generated $4 million in fees and commissions over the past 12 months and managed $650 million in client assets.
Other members of the team include Derek Disalvo, a financial adviser, and client service associates Jenny Margason and Caryn Wilkinson.
Klausner was ranked No. 7 in Indiana, while Duffy received the No. 8 ranking in the Barron's list, which reflects assets under management by the advisers and their teams, revenue generated for the firms, the brokers' regulatory records, and Barron's determination of the quality of the advisers' practices and philanthropic work.
Barron's is published by Dow Jones & Co., a subsidiary of News Corp. (NWS, NWSA) that also publishes this newswire and The Wall Street Journal.
Before joining Morgan Stanley, Klausner and Duffy worked at UBS for 11 years, according to Financial Industry Regulatory Authority records.
Other hires from UBS include James Flood and Michael Romer, who joined Morgan Stanley Smith Barney's Melville, N.Y., office Thursday. The team, which reports to Dino Carfora, Suffolk County complex manager, had $1.7 million in annual production and $213 million in assets under management.
Flood worked at UBS for more than seven years, while Romer spent six years there, regulatory records show.
Additionally, Morgan Stanley hired Marc Richman and Brian Bernhardt in Philadelphia from Deutsche Bank AG (DB) for the firm's private wealth management business. The team, which reports to complex manager Richard Frick, had about $3 million in annual production and $500 million in assets under management.
Richman was a more than six-year Deutsche Bank veteran, while Bernhardt spent more than four years there, according to Finra records.
A UBS spokeswoman confirmed the advisers had left the firm. Deutsche Bank didn't immediately respond to a request for comment.
(STREET MOVES chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and who manage more than $100 million in client assets.)
-By Brett Philbin, Dow Jones Newswires; 212-416-2173; firstname.lastname@example.org