Morgan Stanley Subs Private Wealth Manager in Chicago, Nabs Merrill Beverly Hills Broker
Although Morgan Stanley lost a clutch of million-dollar brokers to Wells Fargo Advisors and UBS last week, it gained a senior advisor in Beverly Hills from Merrill Lynch and put two new managers in charge of branches in Chicago and Manhattan Beach, California.
Chelsea Deng, who began her brokerage career at Morgan Stanley 18 years ago, returned to the company on Friday after a 13-year layover at Merrill Lynch in Beverly Hills. The broker, who lists herself as an “international client advisor” on her LinkedIn profile, produced around $1 million in annual revenue at Merrill, said a person familiar with her book.
Deng, a senior vice president at Morgan Stanley’s Wilshire Boulevard branch, declined to comment on the reason for her move.
Morgan Stanley also brought a lapsed manager back into the fold on Friday by hiring T. Scott Fleming, to run its Manhattan Beach office south of Los Angeles.
Fleming served briefly last year as president of Advisorbox, a retail brokerage recruiting firm, but has 27 years of brokerage experience. He served almost 13 years with Smith Barney in Kansas City, Mo., according to his BrokerCheck record, and stayed for two more years in Boulder, Col., after the firm was merged into Morgan Stanley.
Fleming, who began his brokerage career in 1987 with penny stock firm Thomas James Associates, has been directed to add ultra-high-net-worth “private wealth” brokers to the 25-advisor Manhattan Beach office, said sources. He replaces Joseph Ortega, who has returned to production at a Morgan Stanley branch in Rolling Hills, California.
Morgan Stanley also filled a management slot at its Chicago private wealth unit. Michael Simeone, who has been a branch manager in New York City for Morgan Stanley and Smith Barney for the past 12 years, moved to the Windy City this week to replace Charles E. “Chuck” Rice, who left unexpectedly in January.
Simeone, who began his career as a Smith Barney sales assistant in 1995, according to his LinkedIn profile did not return a call for comment. Following his initiation into the industry, he worked for four years at PaineWebber and did a short stint at Morgan Stanley Dean Witter before joining Smith Barney in 2001.