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Wells Fargo hires advisers from UBS, Morgan Stanley

The logo for Wells Fargo bank is pictured in downtown Los Angeles, California July 17, 2012. REUTERS/Fred Prouser
The logo for Wells Fargo bank is pictured in downtown Los Angeles, California July 17, 2012. REUTERS/Fred Prouser

(Reuters) - Wells Fargo & Co's U.S. brokerage has expanded its private client group with veteran advisers from rival firms Morgan Stanley Wealth Management and UBS Wealth Management Americas.

In Florida, adviser Lou Walsh joined Wells' Jacksonville office from UBS AG's U.S. brokerage division, where he managed $287 million in client assets. Walsh moved in late July and now reports to complex manager Joe Bruno.

In New Jersey, adviser Eric Zakarin joined Wells' Westfield office from Morgan Stanley's wealth division, where he managed $183 million in client assets. Zakarin moved to Wells in July after 26 years in the advising industry. He now reports to complex manager Bill Drake.

In New York, advisers Courtenay Hathcock, Frederick Rossetter and William "Bill" Black moved to Wells from UBS, where they managed $418 million in client assets. They joined Wells' New York-Penn Center branch in Manhattan and report to branch manager Ted Geller at Wells.

Wells Fargo Advisors, based in St. Louis, is the third-largest U.S. brokerage, following Morgan Stanley Wealth Management and Bank of America Corp's Merrill Lynch. UBS Wealth Management Americas ranks fourth. The four firms often vie for the same pool of top advisers.

Morgan Stanley confirmed the departure but declined to comment further. UBS did not immediately return a request for comment.

(Reporting by Ashley Lau in New York; Editing by Chris Reese)

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