Aug 21 (Reuters) - Morgan Stanley Smith Barney, the largest U.S. brokerage, has landed seven veteran advisers who managed about $1 billion in client assets for rival firms, further expanding its U.S. adviser base.
The new hires, who joined the firm in late July and early August, came from UBS Wealth Management Americas, Bank of America's Merrill Lynch, Wells Fargo Advisors and LPL Financial.
In Pennsylvania, advisers Keith Munera and John Wildemore moved to Morgan Stanley Smith Barney from UBS Wealth Management Americas, the U.S. brokerage unit of the Swiss bank . The advisers managed $315 million in client assets at UBS and generated more than $3 million in annual production last year.
Wildemore had been at his old firm for more than four decades, according to regulatory filings, after starting in 1969 at Paine Webber, which was later acquired by UBS. Wildemore and Munera joined Morgan Stanley Smith Barney's Berwyn office, where they report to branch manager Anthony Favoroso.
In Iowa, advisers Christopher Agnew, Gary Hewitt and Darrell Henricksen joined Morgan Stanley Smith Barney from Merrill Lynch, the brokerage owned by Bank of America. The advisers together managed more than $300 million in client assets at Merrill.
Agnew had been at Merrill for more than three decades. The team joined Morgan Stanley Smith Barney's Davenport office, where they report to branch manager Nathan Stoffregen.
In Florida, adviser Angel Colina joined Morgan Stanley Smith Barney from Wells Fargo Advisors, the brokerage unit owned by Wells Fargo & Co. Colina had been at Wells for more than a decade and managed $240 million in client assets at the firm.
Colina, who generated more than $2 million in annual production last year, joined Morgan Stanley Smith Barney's Miami office, where he reports to complex manager Kevin McCarty.
In Kansas, adviser Mark Ralston moved to Morgan Stanley Smith Barney from LPL Financial, where he managed $143 million in client assets and generated $1.5 million in annual production last year.
Ralston, a roughly two-decade industry veteran, had also previously worked at UBS, according to regulatory filings. He joined Morgan Stanley Smith Barney's Wichita office, where he reports to branch manager John Dunlop.
Morgan Stanley Smith Barney also recently added advisers Matthew Zaft and Connor McKinney in Washington, D.C., as previously reported by Reuters.
Morgan Stanley Smith Barney, formed after the merger of Morgan Stanley's wealth division and Citigroup's Smith Barney in 2009, a joint venture of which Morgan Stanley owns a majority stake. The firm currently has about 17,000 advisers managing roughly $1.7 trillion in client assets.
Since the start of the year, at least 95 veteran advisers who managed more than $14.6 billion in client assets at their old firms have joined Morgan Stanley Smith Barney, based on moves tracked by Reuters.
Reuters tracks the movement of individual advisers who manage around $100 million or more in client assets, which typically translates to $1 million or more in annual production.