Morgan Stanley clinched a $3.3 million producer from rival UBS.
Marc Kessler managed client assets worth $658 million while at UBS before making the move, according to On Wall Street's Top 40 Under 40 rankings. Kessler was featured as No. 27 on the original ranking, based on production figures. A second ranking, according to AUM, dropped him to No. 16.
A Morgan Stanley spokeswoman confirmed the move, but declined to provide his production or AUM figures. Kessler has spent most of his career working for wirehouses, including UBS for ten years and with Merrill Lynch before that, according to FINRAs BrokerCheck records.
A sole practitioner in Beverly Hills, Calif., Kessler calls himself "an army of one," catering to high-net-worth individuals with large portions of their fortunes staked in local real estate. Kessler handles about 70 clients, most of them smaller relationships who are holdovers from his early days in the industry. About eight or nine of his clients represent about 90% of the assets he manages.
Morgan Stanley, meanwhile, has lost several advisors since Kessler signed on board with the wirehouse in March. The moves combined represent nearly $ 5.2 billion in assets.