Morgan Stanley picked up a Barclays team that managed $1 billion in client assets, a spokeswoman said, an indication that a lucrative retention package hasn't been a strong enough incentive to keep Barclays advisors from moving before the firm sells its U.S. wealth management operations to Stifel.
Despite a retention package, described as generous by some industry recruiters, Barclays has lost 21 advisors to rival firms such as J.P. Morgan Securities and Merrill Lynch, representing more than 10% of their total brokerage force when the deal was announced.
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