Morgan Stanley has been taking advantage of the troubles of other banks to build itself into a brokerage powerhouse. Today’s Street Moves column in Dow Jones describes how Morgan Stanley just hired a team from Well’s Fargo’s Wachovia, UBS and Bank of America’s Merrill Lynch.
Morgan Stanley’s (MS) global wealth management group recently hired seven financial advisers, including Dean Trindle, a high- producing broker who had $6 million in trailing 12-month production.
The advisers joined Morgan Stanley last Friday at the beginning of a three-day weekend, which is typically a popular period for brokers to switch firms. The long weekend allows advisers extra time to contact their clients before former colleagues realise they have left the firm.
Trindle, who leads the Trindle Wealth Management Team, managed $500 million in client assets. The group left Merrill Lynch Global Wealth Management, a unit of Bank of America Corp. (BAC), and joined Morgan Stanley’s Cincinnati office, where it will report to Complex Manager Michael Quin.
Trindle was on Barron’s recent list of the top 1,000 financial advisers in America and was ranked fourth in Ohio. He was also 62nd in the financial weekly’s 2008 list of the top 100 financial advisers from brokerages and banks in America. The list, published in April, was identified by the Winner’s Circle organisation, a Florida-based consulting firm acquired by Barron’s in September.
Before joining Morgan Stanley, Trindle was a 30-year veteran of Merrill Lynch, according to Financial Industry Regulatory Authority records.
In related news, Morgan Stanley also hired William Wicker, a Goldman Sachs vet who left in 2008. He ran Goldman’s China investment banking business and was a bigshot in its energy business. Two former Morgan Stanley guys also just set up a hedge fund, Wavecrest Partners. The fund will basically take long positions in large cap stocks, while trying to hedge to reduce volatility during downdrafts.