Boston, MA 10/22/2013 (wallstreetpr) – In an apparent attempt to bolster its fortunes in the wealth management front and of course put more money into the hands of investors, Morgan Stanley (NYSE:MS) is now the proud employer of some of the most storied wealth managers in the America’s space. The financial services company has acquired four advisers from UBS AG and Edward Jones.
Out of Edward Jones came Ted Bowling and Aaron Bowling who are joining MS’s Oklahoma City offices. The two advisers managed wealth in the region of $344 million in client assets at Edward Jones, and earned the company nearly $1.8 million revenue annually. And at MS they are coming to bring their wealth of knowledge in a field that they apparently understand like the back of their hands. The two advisers are coming to MS with some sort of goodwill from their former employer Edward Jones from which on their departure, a representative said, “Ted Bowling was a well-respected financial adviser.” Basically the two are billed for their significant contribution to clients and their branches. And this might be what caught the attention of mandarins at MS.
And out of UBS AG came Robert P. Schneider and Paige Abner-Peden, the storied wealth managers who managed $334 million in client assets at the UBS, generating $3 million in annual revenue for the company. Their departure from UBS hasn’t attracted any comment from the former employer yet. This team from UBS will be at the MS offices in Louisville, Kentucky.
The transfer of these advisers was closed last Friday, October 18.
MS’s wealth management unit is the largest brokerage segment in the U.S. in terms of headcount, boasting 16,517 in workforce as at end of September 2013.
In the previous day’s trading, MS went down by 0.88% to settle at $29.43 on a day that saw its market cap move to $57.64 billion. Meanwhile, the global financial services provider has also announced hitting its cost reduction target but said it would continue with the cost cutting measures.
