May 2 (Reuters) - Morgan Stanley Smith Barney, the largest U.S. brokerage, has bolstered its adviser base with new hires from rival firms UBS Wealth Management Americas and Wells Fargo Advisors, the company said on Wednesday.
The advisers, who joined Morgan Stanley Smith Barney in Missouri, Ohio and Texas, were longtime producers at their old firms before moving in April.
In Texas, advisers Frank Bagrier and Wes Coyle joined Morgan Stanley Smith Barney’s Woodlands office from UBS , where they managed $135 million in client assets and generated $1.1 million in revenue last year.
Bagrier, a more than three-decade industry veteran, had been with his predecessor firm since 1980. He had also previously worked for Merrill Lynch in the late 1970s. Bagrier and Coyle now report to branch manager Jason Jones at their new firm.
In Missouri, advisers Jeffrey Hollingsworth, William Simpson and Craig Billingsley joined Morgan Stanley Smith Barney’s Clayton office from Wells Fargo, where they generated $3.2 million in revenue last year. The adviser team now reports to complex manager Richard Lindquist.
Simpson had been with his predecessor firm for nearly four decades, having started with A.G. Edwards & Sons in the early 1970s. A.G. Edwards was acquired in 2007 by Wachovia, which was purchased by Wells one year later.
In Ohio, Morgan Stanley Smith Barney also added former UBS adviser John Bello and his team to its Graystone Consulting business, the firm’s institutionally focused consulting unit. Bello, who serves as an institutional consultant, was joined by Brian Mackert and Christopher Olszewski, also formerly with UBS.
The advisers join a team based in greater Pittsburgh and headed by Gregory Simakas.
Morgan Stanley Smith Barney, which formed from the merger of Morgan Stanley’s wealth unit and Citigroup’s Smith Barney in 2009, had 17,193 advisers managing $1.7 trillion client assets at the end of March.
The firm has added advisers who managed at least $7.4 billion in client assets at their old firms since the start of the year, based on moves tracked by Reuters. On the flip side, the firm has also lost advisers who managed $7.2 billion in client assets to rival brokerages over the same period.