{"id":747,"date":"2010-09-09T18:26:34","date_gmt":"2010-09-09T18:26:34","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2010\/09\/morgan_stanley_ubs_wells_fargo"},"modified":"2022-03-09T16:01:08","modified_gmt":"2022-03-09T22:01:08","slug":"morgan-stanley-ubs-wells-fargo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/","title":{"rendered":"Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers"},"content":{"rendered":"

\t\t\t\tUBS<\/a> AG unit UBS Wealth Management Americas recently recruited Bank of America <\/a>Corp.’s Merrill Lynch<\/a> financial adviser Nina Hakim to join its Westfield, New Jersey office. Hakim, who reportedly managed $300 million in client assets and generated $1.5 million in commissions and fees, will now report to UBS branch Manager Erik Gaucher. <\/p>\n

Another new addition to the UBS team is Morgan Stanley Smith Barney adviser Raymond Schmidtke, who will be based in Seattle, Washington. According to regulatory records, Schmidtke, was employed by Citigroup Inc. for over two decades and stayed at the MS joint venture for a year. He reportedly had close to $100 million in assets under management and $1 million in annual production. He now reports to UBS branch manager Shawn MacFarlan.<\/p>\n

In other investment adviser news, a team of now former Wells Fargo Advisors advisers has joined Morgan Stanley Smith Barney. Francis Schiavetti and Ben Dembin’s base will be the Boca Raton, Florida office. The team reportedly manages $107 million in client assets and produces approximately $1.2 million in commissions and annual fees. The two men both were employed by Wells Fargo and predecessor firm Wachovia Securities before joining the Morgan Stanley Smith Barney team.<\/p>\n

In August, the Financial Industry Regulatory Authority fined and censured Morgan Stanley $800,000 for not making public disclosures, which is required under the SRO’s rules that oversee research-analyst conflicts of interest. FINRA claims that the financial firm also did not comply with a key 2003 Research Analyst Settlement provision when it failed to disclose independent research availability in customer account statements. Every six months, for the next two years, Morgan Stanley must now review a sample of its research reports and certify that they are in compliance with FINRA’s rules. <\/p>\n

Related Web Resources: <\/strong>
\nHires Merrill Lynch, Morgan Stanley Brokers, Fox Business, August 24, 2010
\nMorgan Stanley Adds Team From Wells Fargo, Faces FINRA Fine, Investment Advisor, August 24, 2010
\nFINRA Fines Morgan Stanley $800,000 for Deficient Conflict of Interest Disclosures in Equity Research Reports and Public Appearances by Research Analysts, FINRA, August 10, 2010 Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UBS AG unit UBS Wealth Management Americas recently recruited Bank of America Corp.’s Merrill Lynch financial adviser Nina Hakim to join its Westfield, New Jersey office. Hakim, who reportedly managed $300 million in client assets and generated $1.5 million in commissions and fees, will now report to UBS branch Manager Erik Gaucher. Another new addition […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3800,3787,3802,3755,3836],"tags":[],"class_list":["post-747","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-merrill-lynch","category-morgan-stanley","category-smith-barney-citigroup","category-ubs","category-wells-fargo"],"yoast_head":"\nMorgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers — Investor Lawyers Blog — September 9, 2010<\/title>\n<meta name=\"description\" content=\"UBS AG unit UBS Wealth Management Americas recently recruited Bank of America Corp.'s Merrill Lynch financial adviser Nina Hakim to join its Westfield, — September 9, 2010\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers — Investor Lawyers Blog — September 9, 2010\" \/>\n<meta name=\"twitter:description\" content=\"UBS AG unit UBS Wealth Management Americas recently recruited Bank of America Corp.'s Merrill Lynch financial adviser Nina Hakim to join its Westfield, — September 9, 2010\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers — Investor Lawyers Blog — September 9, 2010","description":"UBS AG unit UBS Wealth Management Americas recently recruited Bank of America Corp.'s Merrill Lynch financial adviser Nina Hakim to join its Westfield, — September 9, 2010","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/","twitter_card":"summary_large_image","twitter_title":"Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers — Investor Lawyers Blog — September 9, 2010","twitter_description":"UBS AG unit UBS Wealth Management Americas recently recruited Bank of America Corp.'s Merrill Lynch financial adviser Nina Hakim to join its Westfield, — September 9, 2010","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Morgan Stanley, UBS, Wells Fargo, and Merrill Lynch Recruit Other Investment Firms\u2019 Brokers","datePublished":"2010-09-09T18:26:34+00:00","dateModified":"2022-03-09T22:01:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-ubs-wells-fargo\/"},"wordCount":376,"articleSection":["Financial Firms","Merrill Lynch","Morgan Stanley","Smith Barney - 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