ON THE MOVE-Stifel hires Morgan Stanley Smith Barney advisers
Aug 29 (Reuters) - Brokerage Stifel, Nicolaus & Co has expanded its adviser force in Connecticut, landing three veterans from Morgan Stanley Smith Barney.
The new hires, who managed $277 million in client assets at Morgan Stanley Smith Barney, joined Stifel in Madison, Connecticut, where they opened a new private client group office for the firm.
Advisers William Fusco and Robert Richard moved as a team, along with adviser Patricia Walsh, who is also based in Madison.
All three were legacy Citigroup Smith Barney advisers who joined Morgan Stanley Smith Barney after the merger of Smith Barney with Morgan Stanley's wealth unit in 2009.
Fusco, a nearly four-decade industry veteran, had been with Citi since 1989, according to regulatory filings. He said he decided to move to Stifel because of its established culture and reputation as "an old-line firm," also manageable in size.
Richard had been with Citi for a decade, while Walsh, a more than 25-year industry veteran, also spent the bulk of her career at the predecessor firms of Morgan Stanley Smith Barney.
Stifel's new Madison office is the firm's fifth in Connecticut.
Stifel, Nicolaus & Co is a subsidiary of the St. Louis-based financial services holding company Stifel Financial Corp.
The firm also recently hired advisers from Morgan Stanley Smith Barney in Hawaii and Washington. Those advisers managed nearly $200 million in client assets.
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