Morgan Stanley landed a team of seasoned, high-producing advisors—the latest big recruiting move amid a competitive market for elite talent.
The firm’s newest hire, The Hanes Haber Group, came from Citi Personal Wealth Management, a unit of Citigroup. The group’s namesakes, advisors Robert Hanes and Josh Haber, are industry veterans based in New York.
Joining them in the move to Morgan Stanley are advisors Adam Wood, Dennis Lee, Erez Avidan, and Dillon Walker; financial advisor associate John Vigh; and client service associates Brandon Lyons and Anchal Rana.
That group had approximately $1 billion in assets under management and $8.9 million in annual revenue, according to a source familiar with their move.
The team’s profile, still available on Citi’s website as of Friday afternoon, listed several additional team members who appear not to have joined Morgan Stanley. They are wealthy advisors Damian Pereira, Gonzalo Blanco, Lisandro Enferri, Mariano Pinto, Peter Nielsen, and Timothy Shaw.
A spokesperson for Citi declined to comment on the matter.
Haber joined Citibank’s high-net-worth platform in 1999, according to his profile on the bank’s website. Five years later, he co-founded the Hanes Haber Group with Robert Hanes.
“It was Josh’s vision to build a team of financial advisors with different core competencies to best serve their client’s needs,” the website says. “The team was developed with a core focus on financial planning and custom asset management for high net worth individuals and their families.”
Hanes started working at Citibank in 1990 as a management associate in the company’s executive training program, according to his profile on the company’s website. He became a financial advisor three years later.
Morgan Stanley left the Broker Protocol, an industry agreement that eases advisor transitions between employers, in 2017 and cut back on recruiting at the time. It’s since stepped up its efforts and picked up some notably large teams. For example, in August, the firm hired Dane Runia and his $3.2 billion teams from Merrill Lynch. Runia was featured this year on Barron’s Top 100 Advisors and Top 1,200 Financial Advisors. In February, Morgan Stanley hired ex-Merrill advisor Robert Runkle, who was on Barron’s Top 1,200 advisor ranking in 2021; his team’s assets were listed at $1.2 billion.
Originally posted on Barrons.