October 1, 2014 / 9:44 PM / 3 years ago

ON THE MOVE-Morgan Stanley hires 5 brokers who managed $660 mln in assets

NEW YORK, Oct 1 (Reuters) - Morgan Stanley, the world's largest securities brokerage by sales force, said on Wednesday that it hired five veteran financial advisers in September who collectively managed more than $660 million in client assets at their previous brokerages.

Richard Potashner joined Morgan Stanley's Salt Lake City office on Sept. 19 from Bank of America's Merrill Lynch, where he had worked since 1998. Potashner managed $130 million in assets at Merrill and generated $1.25 million in revenue over the last year.

Richard Wilson joined Morgan Stanley's office in Louisville, Kentucky on Sept. 16 from UBS Financial Services, where he had worked since 2000. At UBS, Wilson managed $110 million in assets and produced $1.13 million in annual revenue.

Carolyn Sanderson joined Morgan Stanley in Lawrenceville, New Jersey on Sept. 15 from JP Morgan Securities, where she has worked since 2008. She managed $100 million in client assets and generated $1 million in annual revenue.

Also on Sept. 15, Morgan Stanley hired Joseph Stein Jr. and Jeffrey Stein from Neuberger Berman, where they collectively managed $320 million in client assets and produced $3.5 million in annual revenue. Joseph Stein Jr. has more than 47 years in the industry, while Jeffrey Stein has 16 years experience.

A JP Morgan spokesman confirmed that Sanderson left the company, while a UBS spokesman declined to comment on Wilson's departure. Merrill Lynch and Neuberger Berman did not immediately respond to requests for comment. (Reporting by Elizabeth Dilts; Editing by Steve Orlofsky)

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