Morgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago
Morgan Stanley Wealth Management has hired a four-person private wealth management team generating $4 million in annual revenue at UBS Wealth Management USA in Chicago, according to a person familiar with the move.
Wang started his career at H&R Block Financial Advisors in 2000. He also worked at Van Kampen Funds, and J.P. Morgan Securities and predecessor Banc One Securities before joining UBS in 2008, according to BrokerCheck.
DiCosola started his career at Banc One Securities in 2000, moved to J.P. Morgan by way of the 2004 acquisition and also joined UBS in 2008, according to BrokerCheck.
Neither broker returned a request for comment sent through social media. Morgan Stanley’s private wealth division, which has been led by firm veteran Elizabeth Dennis since January, has around 500 brokers serving clients with at least $20 million in assets.
The move underscores the revived recruiting wars between UBS and Morgan Stanley, which have escalated over the past year-and-a-half. Both firms withdrew from the Protocol for Broker Recruiting–the industry’s hiring pact–in 2017 amid a hiring freeze aimed at cutting costs, but returned to market last year.
UBS last month hired a $5.9 million Morgan Stanley private wealth team in Houston.
Morgan Stanley for its part has bolstered its efforts with high-end offers of more than three times a broker’s trailing-12 month revenue that in 2020 contributed to the first increase in recruiting loan balances on the firm’s balance sheet in eight years.
In February, Morgan Stanley hired a dual Florida and New Jersey private wealth team led by Lawrence Catena, who had been generating $7.5 million in annual revenue at Merrill Lynch.
Morgan Stanley ended 2020 with 15,950 advisors—482 more than 12 months earlier and 481 higher than at the end of the third quarter.
UBS’s Americas headcount, including a small contingent in Canada and Latin America, fell to 6,305, down a net 48 over the last three months of the year and down 244, or 3.7%, from 6,549 in the fourth quarter of 2019.
A UBS spokesman declined to comment.