Morgan Stanley Hires $265-Mln Asset Merrill Team in Florida
Morgan Stanley has landed a 28-year Merrill Lynch broker and his team in Ponte Vedra Beach, Florida, as it continues an aggressive hiring streak.
DeLuca, who a source said individually produced around $1 million in revenue, did not return a request for comment on the team’s size or motives for moving. A spokeswoman at Morgan Stanley confirmed the hires but declined to comment further.
Mitsis started his career at Wachovia in 2002, moved to Morgan Stanley predecessor Smith Barney in 2005 and joined Merrill in 2009, according to BrokerCheck. Genovese spent the past eight years of his nine-year career with Merrill. Rademeyer began her career at Merrill five years ago, respectively, according to BrokerCheck.
Two junior advisors who were listed on the team’s former website remain with Merrill Lynch, according to their BrokerCheck records.
Morgan Stanley hired the team the same day it welcomed two UBS Wealth Management USA brokers in Aventura, Fla., with about $1.3 million in production apiece.
The fiirm a week earlier added dozens of brokers and support staff from Merrill Lynch and UBS who were overseeing more than $5 billion in assets, according to sources.
Morgan Stanley and Merrill Lynch both retreated from recruiting experienced advisors three years ago, but Morgan Stanley has been revving up its hiring efforts over the past year and considers its “net recruiting” numbers an important metric, company Chief Financial Officer Jon Pruzan said at a presentation almost two weeks ago.
Unlike Morgan Stanley, Merrill Lynch has kept in place its hiring freeze on experienced brokers, focusing on hiring novice brokers and recruits in small ‘community’ markets without Bank of America branches.
A spokesperson for Merrill Lynch did not immediately return a request for comment on the moves out of the firm.
Morgan Stanley as of June 30 had 15,399 advisors, down by 234 from a year ago. Merrill Lynch no longer breaks out its number of core wealth management brokers. BofA reports a composite number that includes close to 3,000 brokers at Merrill Edge, the bank’s “low-touch” wealth management unit. It had 17,888 as of June 30, down by 380 from a year earlier.