Broker who advised Gorman jumps to UBS
Morgan Stanley co-president James Gorman has lost one of the firm's top brokers to a rival wirehouse — the very broker who has been advising the executive on his own portfolio.
Morgan Stanley co-president James Gorman has lost one of the firm’s top brokers to a rival wirehouse — the very broker who has been advising the executive on his own portfolio.
Michael Giacone has joined UBS AG in its New York office as a financial adviser, a spokesperson for the brokerage firm confirmed, just days after New York-based Morgan Stanley reached a $2.7 billion deal to acquire a majority stake of New York-based Citigroup Inc.’s Smith Barney brokerage unit.
Mr. Giacone, who had reportedly been one of the top earners at Morgan Stanley, also handled the personal accounts of Mr. Gorman, the executive who has been tapped to lead the new Morgan Stanley Smith Barney, according to a Reuters report.
Mr. Giacone did not return a call placed to his new office at Zurich, Switzerland-based UBS AG, so it could not be immediately learned what, if any, clients he has already brought over from Morgan Stanley.
A spokeswoman for Morgan Stanley declined to comment.
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