Duo had been managing $1.1 billion in assets and comes after a short hiatus in Rockefeller’s aggressive veteran broker recruiting.
“The exit of the international segment is progressing in line with our expectations,” a firm spokesperson said.
Beantown broker, who moved along with a client associate on Friday, had managed $400 million in customer assets, according to a person familiar with the move.
A Finra arbitration panel recommended the removal of the complaint from the New Jersey broker’s record after Morgan Stanley lawyers backed his case for expungement.
The group, led by Stephen Kincade and Alex Fridell, oversaw $1.45 billion in assets, according to a person familiar with their practice.
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.
UBS Wealth Management Americas more than doubled earnings to $505 million in the second quarter, but analysts noted that its margins continued to lag its U.S. rivals.
UBS team led by Tony R. Smith in Birmingham had managed $4.4 billion in assets and launched Stonegate Investment Group.
Brokers had “flawed understanding” of the product and improperly guided clients to hold the ETFs, which are meant for short-term trading, according to a settlement announced Monday.
The firm’s employee loan balance rose for the first time in eight years as it has jumped back into veteran broker recruiting.