Morgan Stanley’s Friday Bingo: Merrill and Wells Brokers Join in Greater NYC
Morgan Stanley Wealth Management on Friday netted two brokers who had managed a combined $450 million in assets at rival wirehouses.
Christopher Apgar left a Wells Fargo Advisors midtown branch to join a nearby Morgan Stanley branch after eight years at his former firm. Apgar, who began his brokerage career in 1999 at UBS Financial Services, produced $1.7 million of revenue for Wells in the previous 12 months and managed about $318 million of client assets, according to Steve Rosen, a recruiter with Rainmaker Associates who said he helped arrange the move.
Apgar, who is working out of Morgan Stanley’s Park Avenue complex, did not return a call for comment.
Separately, Michael Borsello left a Merrill Lynch office in Manhattan after 19 years at the firm. Reached at his new Morgan Stanley branch in Paramus, N.J., Borsello said he was busy contacting clients and declined to discuss his motivations for the move.
Borsello, who lives in New Jersey, generated $713,000 in annual production at Merrill and oversaw around $132 million of client assets, according to Rosen. The broker began his career at Lehman Brothers in New York in 1992 and joined Merrill in 1997, according to his Finra BrokerCheck report.
Apgar and Borsello moved with client associates, but had not teamed with other brokers at their former firms, according to their former firms’ websites.
Morgan Stanley Chief Financial Officer Jonathan Pruzan said in an earnings call on Wednesday that despite the “chilling effect” that the Department of Labor’s fiduciary rule has had on recruiting, the firm is seeing “some good opportunities to bring in talent.”
Morgan Stanley ended its first quarter with 15,777 brokers, down 111 from 15,888 a year ago, retaining its mantle as the broker-dealer with the biggest U.S. sales force.