Top Brokers Arrive and Exit Morgan Stanley

Ian Allison

10 August 2006

Morgan Stanley hired three top level financial advisers last week, yet saw two of its veteran brokers depart to rival firms on the same day. Michael Nutt, joined from JPMorgan Chase in New York, where he managed $210 million in client assets. Marc Lepselter and Julius Mark, who managed $140 million in client assets, joined from UBS on the same day. Terence Brennan, who had been with Morgan Stanley for some 22 years, departed to join the Wachovia Securities Financial Network, the firm's independent broker-dealer unit. Previously he had managed more than $363 million in client assets. Jeffery Kelly, who was Morgan Stanley for 11 years in Centennial, Colorado, was hired by UBS. He had managed more than $100 million for Morgan Stanley. Mr Kelly has joined UBS's retail brokerage office in Denver.