Two advisor teams from Morgan Stanley Wealth Management running a combined $1.29 billion in client assets have left the firm to join rivals Merrill Lynch Wealth Management and JP Morgan Securities.
The exits from the US group come at a time when it is in the process of expanding its international wealth unit.
Merrill Lynch has recruited Leon Friedlander, who joined its Aventura, Florida office on April 7 along with his client associate Johanna Trujillo.
Friedlander, who specializes in advising mostly Venezuelan clients, had $288 million in assets under management and generated $3.1 million in production at Morgan Stanley.
Prior to joining Morgan Stanley in 2006, Friedman has also previously worked at Citigroup and Safra Securities.
Separately, JP Morgan’s retail brokerage arm, JP Morgan Securities, hired a Morgan Stanley team that managed over $1 billion in client assets.
Brothers Jay and Neil Canell along with Justin Dembo joined JP Morgan in New York City. According to a spokeswoman at the bank, the trio advise international clients but did not disclose the size of that client book.
Prior to joining Morgan Stanley in 2006 they worked at UBS.
According to a release from the bank, Jay Canell said they had made the move to offer clients a ‘more personalized service and a wider range of banking services’.
Morgan Stanley confirmed the exits but declined to comment further. The wirehouse has been steadily recruiting new teams, especially to grow its US offshore team servicing Latin American clients.
Most recently it hired Henrique Lucena to join its Fort Lauderdale branch from UBS Wealth Management in mid-March.