Brokerage joint venture Morgan Stanley Smith Barney recently hired six financial advisors, including a high-producing team from UBS Wealth Management Americas, a unit of UBS AG, who had a combined $9.7 million in annual production.
On Monday, the PC wealth management team -- Michael Paesano, Jeffrey Cadan, Richard Perkins and Matthew Hayford -- joined Morgan Stanley Smith Barney's New York office on East 52nd Street. The team also includes financial advisor associate Tricia Kinane-Goodwin, marketing associate Stefanie Tushin, and client service associates Celia Gorbatovsky and Lindsey Paesano.
The four advisors together generated $6.4 million in fees and commissions, according to a person familiar with the team. They report to branch manager David Turetzky.
Before joining Morgan Stanley Smith Barney, Paesano and Cadan worked at UBS for more than five years, according to Financial Industry Regulatory Authority records. Perkins was a nearly two-year UBS veteran, while Hayford spent over two years there, regulatory records show.
Other new hires include David Runstrom and Eric Noyes, who joined Morgan Stanley Smith Barney's Newport Beach, Calif. office from Bank of America Corp.'s Merrill Lynch Wealth Management. The team had a combined $3.3 million in annual production and managed $332 million in client assets. They report to Lance Million, South Orange County complex manager.
Runstrom worked at Merrill Lynch for more than 34 years, while Noyes spent over 11 years there, according to FINRA records.
UBS and Merrill Lynch didn't immediately respond to requests for comment.
Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.