Boston, MA 09/08/2014 (wallstreetpr) – Morgan Stanley (NYSE:MS) seems to hunt for expanding its operations with large and experienced workforce. Although MS is already the largest U.S. securities brokerage firm in terms of sales force, but it doesn’t want to leave any stone unturned. According to recent reports, it has hired three brokers who have an excellent track record. They have managed around $1.275 billion worth of client assets away from rival brokerages.
Digging Deep In The Background Of These Brokers:
Charles Malamut and Michael Torpey joined MS Northfield, New Jersey, on August 28, 2014. Previously they worked with Bank of America Corp (NYSE:BAC). According to information provided by the company, they both managed around $1.1 billion worth of clients’ assets at BAC and generated around $3.5 million in annual revenue.
The third person in this list is Jon Garofalo, who joined Morgan Stanley (NYSE:MS) in Westport, Connecticut on August 29, 2014. He previously worked with JPMorgan Chase & Co. (NYSE:JPM) and managed around $175 million worth of clients’ assets. As per the information revealed by the company, he managed to earn around $1.5 million in annual revenues for the company.
When reporters tried to get in touch with Bank of America Corp (NYSE:BAC) over the resignation issue of Malamut and Torpey, one of the spokesmen said that they both left the company. He refused to comment further on this issue. On the question of resignation of Garofalo, JPMorgan Chase & Co. (NYSE:JPM) denied commenting immediately. Morgan Stanley (NYSE:MS) is one of the largest security broking firm with around 16,316 financial advisors working currently. It often looks to hire those financial advisors who are employed with its rival firms. MS normally doesn’t reveal the number of financial advisors it hires, but recently it made an announcement about the recruitment of six new financial advisors. A few people close to this matter said that Morgan Stanley (NYSE:MS) might select more financial advisors in coming few months to cope-up with existing financial conditions.
