Morgan Stanley has lured a team of experienced financial advisors from Citi, according to news reports.
The Hanes Haber Group, helmed by advisors Robert Hanes and Josh Haber, joins Morgan Stanley in New York from Citi Personal Wealth Management, Barron’s reports.
The group, which also includes advisors Adam Wood, Dennis Lee, Erez Avidan and Dillon Walker, financial advisor associate John Vigh and client service associates Brandon Lyons and Anchal Rana, managed around $1 billion in client money, producing $8.9 million in annual revenue at Citi, a source familiar with the move tells the publication.
Several wealth advisors listed on Citi's website as members of the Hanes Haber Group as of Friday afternoon did not make the move, including Damian Pereira, Gonzalo Blanco, Lisandro Enferri, Mariano Pinto, Peter Nielsen and Timothy Shaw, according to Barron’s.
All six advisors are still registered with Citi, according to BrokerCheck.
Hanes began his financial services industry career in 1990 at Citibank, as a management associate in the firm’s executive training program, and became an advisor three years later, Barron’s writes, citing his profile on the firm’s website.
Haber landed on Citibank’s high net worth platform in 1999 and co-founded the Hanes Haber Group with Hanes five years later, according to the publication.
A Citi spokesperson declined comment to Barron’s.
Morgan Stanley, which in 2017 left the Protocol for Broker Recruiting, has been adding large teams this year, the publication writes.
In August, Morgan Stanley poached a $3.2 billion team from Merrill Lynch. And in February, Morgan Stanley nabbed Robert Runkle, whose team at Merrill previously managed $1.2 billion, according to Barron’s.
But several big producers have also left Morgan Stanley this year, including a $2 billion team that jumped ship for UBS last month.