Morgan Stanley Boosts AuM By $778 Million With Merrill, Barclays Hires - Report

Eliane Chavagnon

5 December 2012

Morgan Stanley Wealth Management has recruited eight financial advisors - seven from Merrill Lynch and one from Barclays - with a combined $778 million in assets under management, On Wall Street reports.

The largest Merrill team by assets includes Luis Fuentes, Christopher Fuentes and Rosario Hondermann, who join in Miami, FL. They previously oversaw $373 million in client assets and generated $1.97 million in fees and commissions, according to the report. Also moving to Morgan Stanley with that team is senior client service associate Louis Fuentes. The team reports to complex manager Kevin McCarty.

Meanwhile, a second team comprising Brant Giere and Lisa Szucs joins from Merrill in Akron, OH. Giere and Szucs previously had $210 million in client AuM and $1.005 million in production. They report to branch manager Jason Haines.

Additionally, Vince Costanzo and Rex Mack join from Merrill in Cleveland, OH. The pair previously had $115 million in client AuM and at Morgan Stanley report to branch manager Robert Hartmann.

Lastly, joining from Barclays in Shrewsbury, NJ, is Howard Shallcross, who previously oversaw $80 million in client assets. He reports to branch manager Todd Sacks.

The firm had not confirmed the moves in time for publication.

As reported by Family Wealth Report last week, Merrill Lynch recently made a string of hires, six of which were from Morgan Stanley.