Morgan Stanley (NYSE: MS) Smith Barney has hired three veteran New Jersey Brokers from UBS (NYSE: UBS), adding a team which generated $3.3 million in annual revenue by helping clients manage $350 million worth of assets.
The Martin Rizzo Group, which is comprised of Art Martin, his son Wade Martin and John Rizzo joined Morgan Stanley’s office in Lawrenceville on Wednesday.
Art Martin had previously worked at UBS and its predecessors for 34 years, while Wade Martin spent more than 23 years with the firm, according to regulatory data from the Financial Industry Regulatory Authority. Rizzo had spent 26 years at UBS, according to regulatory records.
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 down 0.27% on Friday ending the week at $25.92.
