Morgan Stanley (NYSE: MS) Smith Barney has hired an adviser from First Allied Securities who generated more than $3 million worth of annual fees and commissions, the company confirmed on Tuesday.
Laurence Braunstein has joined Morgan Stanley Smith Barney’s office on East 52nd Street in New York City. He previously spent nearly seven years working at First Allied Securities, a wholly-owned subsidiary of Advanced Equities Financial Corp. While at First Allied Securities, Braunstein oversaw more than $200 million in client assets and generated $3.07 million in annual fees and commissions for the firm according to a report from Reuters citing anonymous sources.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. In May 2010, Invesco Ltd. acquired the Company’s retail asset management business. During the year ended December 31, 2009, it disposed its former real estate subsidiary, Crescent Real Estate Equities Limited Partnership. On May 31, 2009, the Company and Citigroup Inc. (Citi) consummated the combination of the Company’s Global Wealth Management Group and the businesses of Citi’s Smith Barney in the United States, Quilter in the United Kingdom and Smith Barney Australia. The combined businesses operate as Morgan Stanley Smith Barney Holdings LLC.
Shares of Morgan Stanley (NYSE: MS) traded up 1.78% hitting $25.22 on Tuesday.
