By Joseph A. Giannone
NEW YORK, Jan 15 (Reuters) - The Morgan Stanley broker who advised Morgan Stanley co-president James Gorman on his personal accounts quit last Friday to join rival brokerage UBS, sources familiar with the move said.
Michael Giacone, a top producer at Morgan Stanley, joined UBS on Friday, the Swiss bank confirmed. UBS declined to comment on the identity of Giacone clients.
The move took place as speculation grew that Morgan Stanley was in talks to create a brokerage joint venture with Citigroup's Smith Barney and other advisory units. The combination, announced officially by the two banks on Tuesday, will create the world's largest network of brokers.
Gorman, a former Merrill executive who joined Morgan in 2006 as its brokerage chief, will serve as chairman of the joint venture, Morgan Stanley Smith Barney.
Morgan Stanley declined to comment, and Giacone could not be reached immediately by phone.
Gorman last year was named co-president, though he retained oversight of the bank's brokerage and money management businesses. The global wealth management division is led by former Fidelity brokerage chief Ellyn McColgan.
(Editing by Tim Dobbyn) Keywords: MORGANSTANLEY/UBS BROKER (joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
NEW YORK, Jan 15 (Reuters) - The Morgan Stanley broker who advised Morgan Stanley co-president James Gorman on his personal accounts quit last Friday to join rival brokerage UBS, sources familiar with the move said.
Michael Giacone, a top producer at Morgan Stanley, joined UBS on Friday, the Swiss bank confirmed. UBS declined to comment on the identity of Giacone clients.
The move took place as speculation grew that Morgan Stanley was in talks to create a brokerage joint venture with Citigroup's Smith Barney and other advisory units. The combination, announced officially by the two banks on Tuesday, will create the world's largest network of brokers.
Gorman, a former Merrill executive who joined Morgan in 2006 as its brokerage chief, will serve as chairman of the joint venture, Morgan Stanley Smith Barney.
Morgan Stanley declined to comment, and Giacone could not be reached immediately by phone.
Gorman last year was named co-president, though he retained oversight of the bank's brokerage and money management businesses. The global wealth management division is led by former Fidelity brokerage chief Ellyn McColgan.
(Editing by Tim Dobbyn) Keywords: MORGANSTANLEY/UBS BROKER (joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.