By Corrie Driebusch
Brokers who managed nearly $600 million in client assets have
left Morgan Stanley (MS) in recent weeks to join the employee
retail brokerage arms of Wells Fargo & Co. (WFC) and Raymond
James Financial Inc. (RJF).
Stephen Besse is now working out of the Walnut Creek, Calif.,
office of Raymond James & Associates. He most recently managed
more than $360 million in client assets and generated annual fees
and commissions of $1.35 million for Morgan Stanley, according to a
spokeswoman for Raymond James.
Mr. Besse joined Citigroup Inc. (C) in 1994 and remained with
its joint venture with Morgan Stanley in 2009, according to
Financial Industry Regulatory Authority records. He moved to
Raymond James earlier this month.
Separately, a team of brokers managing more than $236 million in
client assets have joined Wells Fargo Advisors from Morgan Stanley
Wealth Management, according to the team's new firm.
The Long Island-based Lev Sher Group began working at the
Woodbury, N.Y., branch of Wells Fargo Advisors last Friday. The
team includes Norman Lev, Glen Sher and Michael Jeshiva. All
previously worked for Morgan Stanley Wealth Management.
Messrs. Lev and Sher joined Morgan Stanley in 2005, and Mr.
Jeshiva joined the firm in 1996, according to Finra records.
A spokeswoman for Morgan Stanley confirmed the brokers have left
the firm but declined to provide any additional comment.
(Street Moves chronicles the migration of executives on Wall
Street, with a particular emphasis on financial advisers with more
than $1 million in annual production and those who manage more than
$100 million in client assets.)
Write to Corrie Driebusch at corrie.driebusch@wsj.com
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