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STREET MOVES: Trio of Top Advisers Move Over Long Weekend


By Corrie Driebusch

NEW YORK--Several high-producing brokers moved firms over the long weekend, including those from Morgan Stanley (MS) and Bank of America Corp. (BAC).

The moves took place on one of the most popular weekends for brokers to leave one firm for another, as it is last nonreligious three-day weekend until Memorial Day.

Former Morgan Stanley Wealth Management financial adviser Henry Berkley has joined UBS AG's (UBS, UBSN.VX) U.S. wealth-management arm, a spokesman for UBS confirmed. Mr. Berkley generated nearly $1 million in commissions and fees a year at Morgan Stanley, which he left over the weekend.

Mr. Berkley worked at Citigroup Inc. (C) starting in 2006, according to Financial Industry Regulatory Authority records. Citigroup's Smith Barney brokerage merged with Morgan Stanley roughly three years later. A spokeswoman for Morgan Stanley wasn't immediately available for comment.

A pair of advisers with Bank of America Corp.'s (BAC) Merrill Lynch brokerage left on Friday to join HighTower Advisors. Greg Sarian and Francis X. Masse II had worked at Merrill Lynch's Wayne, Pa., office and became the first HighTower office in the Philadelphia market. The duo, named The Sarian Group, managed roughly $650 million in client assets.

A spokeswoman for HighTower and a spokesman for Merrill Lynch confirmed the move.

Mr. Sarian had worked for Merrill Lynch since 1992, and Mr. Masse had worked at the firm since 1999, according to Finra records.

This year President's Day was expected to be even busier than usual, as 2013 is a perfect storm of sorts for advisers contemplating jumping ship, recruiters say. Not only has another year vested for brokers' retention bonuses, but this year there is also the increased likelihood of regulators passing a rule mandating brokers tell their clients about bonuses they receive when they switch firms.

(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@dowjones.com

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