Wire Wars: Morgan Stanley Scoops Up $3.74-Mln UBS Boston Broker
The wirehouse recruiting battles continue as a UBS Wealth Management USA broker generating $3.74 million in annual revenue has jumped to Morgan Stanley Wealth Management in downtown Boston.
“I had a good experience at UBS, and I am looking forward to a very good experience here,” Douvadjian said. He started his career at Merrill in 1986 and had been with UBS since joining in 2005 from Merrill Lynch, according to BrokerCheck.
Three other members of his former team, called the Liberty Boston Group, remain at UBS, according to their former website. They include Reuben A. Fink, a top-ranked next-gen broker who UBS lured in January 2020 from Morgan Stanley, along with wealth associate Heather Lynch, and client associate Michelle Mardany.
Fink, who was generating $1.1 million and managed $137 million when he joined UBS, could not be reached for comment at the UBS office. A second source close to UBS said they “are having success retaining the business.”
“He’s doing a fine job over there, and I think it’s going to work out for both of us,” Douvadjian said of the split.
Both Morgan Stanley and UBS have been aggressive in trading veteran brokers since reviving their recruiting efforts over the past year-and-a-half, but the two firms, which withdrew from the Protocol for Broker Recruiting in late 2017, have also revived litigation against departing brokers in efforts to hold onto their customers.
Boston, like a number of major markets around the country over the past year, has been a hotbed for high-producing broker moves, including several departing UBS.
A UBS spokesperson declined to comment.
At Morgan Stanley, Douvadjian is a part of the three-office Boston Complex that is overseen by Jeff Swartz and is “one of the largest and most successful at Morgan Stanley,” according to a description written by Swartz on a firm site.
“Our Complex has many of the top advisors at Morgan Stanley and in the City of Boston,” Swartz, who did not return a call for comment, wrote.
Morgan Stanley no longer breaks out its broker headcount, which last hovered around 16,000 at the start of the quarter, including some call-center based E*Trade Financial reps. UBS Wealth Management Americas, including operations in Latin America and Canada, had 6,274 brokers at the end of last quarter, down 136, or 2%, over the past year and a net 31 over the past three months.