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ON THE MOVE-Morgan Stanley lands $1 bln broker team from Barclays
July 14, 2015 / 4:27 PM / 2 years ago

ON THE MOVE-Morgan Stanley lands $1 bln broker team from Barclays

NEW YORK, July 14 (Reuters) - Morgan Stanley, the world’s largest retail brokerage by its number of advisers, said on Tuesday it hired two brokers who managed $1 billion in client assets at Barclays Plc’s U.S. wealth and investment management unit.

Kerri Connellan, 41, and Jim Pucciarelli, 68, joined Morgan Stanley in New York on Monday. The two had worked at Barclays’ Park Avenue office in New York since 2008, having both joined the bank when Barclays purchased Lehman Brothers’ brokerage arm.

Last month, Barclays confirmed it will sell its wealth management unit to U.S. investment bank Stifel Financial Corp in a deal that is expected to be finalized this November.

Since the announcement, around 20 financial advisers from the Barclays unit have left for other firms, including at least 15 to Bank of America Merrill Lynch.

Depending on the number of Barclays advisers who ultimately join Stifel, the deal could contribute $200 million to $325 million to revenue, according to Stifel.

A Barclays spokeswoman declined to comment. (Reporting by Elizabeth Dilts; Editing by Chris Reese)

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