Morgan Stanley Hires $5 Billion Team From Credit Suisse -- Street Moves

By Michael Wursthorn 

The fight for Credit Suisse Group AG's U.S. brokers continues, with Morgan Stanley hiring a trio of advisers who managed more than $5 billion in client assets at Credit Suisse.

It is the biggest move of a Credit Suisse adviser or team since the Swiss-based bank said in October it would wind down its U.S. private bank and had signed an exclusive recruiting arrangement with Wells Fargo & Co.

Advisers Richard Zinman, Anthony Dertouzos and John Moreno will work for Morgan Stanley in New York. Before joining Credit Suisse in 2008, Mr. Zinman and his colleagues had worked at Smith Barney.

Wells Fargo signed the recruitment deal with Credit Suisse to gain inside access to data and information on Credit Suisse's brokers. However, the deal doesn't guarantee all of Credit Suisse's some 270 advisers a spot at Wells Fargo Advisors, and those brokers have the option of exploring offers by rivals firms.

Industry recruiters expect Wells Fargo to hire many of Credit Suisse's brokers, but the firm's top producers, like Mr. Zinman and his colleagues, are expected to consider offers from Morgan Stanley, Merrill Lynch and UBS Group AG. That is because those firms have more established high-net-worth practices and are willing to give bigger signing bonuses than what Wells Fargo is offering, recruiters and brokerage executives said.

UBS, for example, has hired 16 Credit Suisse brokers since the recruitment arrangement was announced.

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(END) Dow Jones Newswires

November 23, 2015 13:20 ET (18:20 GMT)

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