Morgan Stanley Snags $5 Million Merrill Group in Alabama

Morgan Stanley continued to chip away at Merrill Lynch’s ranks in Alabama and on Friday nabbed a crew producing $5 million in Birmingham, based on a supply acquainted with the transfer. 

The Cosby, Powell & Associates group, which the supply mentioned managed $460 million in belongings, is led by Okay. Shaun Cosby and Edward G. Powell, a 38-year Merrill lifer. They joined Morgan Stanley with help employees Jennifer Eagan, Whitney Henson and Diana Luzier. 

Cosby first registered 23 years in the past with an Ameriprise Monetary predecessor and moved to Merrill in 2005, based on BrokerCheck. Powell began at Merrill in 1988. 

Members of the crew didn’t reply to requests for remark despatched by way of social media. 

A Merrill spokesperson additionally didn’t instantly reply to a request for remark. 

The crew joins Morgan Stanley’s Alabama and Florida Panhandle market led by John Terry. Since 2020, Terry’s market has employed nearly two dozen Merrill brokers, together with a gaggle that managed $305 million and joined in September. 

Each companies have been shuffling and poaching area leaders to bolster recruiting in an more and more aggressive market. The supply acquainted with this transfer mentioned that the agency has not raised its hiring provides whilst UBS Wealth Administration USA pushed provides to 550% of trailing-12 earlier this yr. 

Merrill earlier this month employed a Morgan Stanley lifer managing $1.5 billion in belongings in Boulder, Colorado. In June, it landed a veteran Morgan Stanley supervisor to assist oversee branches in Connecticut, western Massachusetts and parts of New York.

Within the different route, Morgan Stanley final week snagged a Merrill market supervisor to supervise a agency department in New York Metropolis. In June, it employed a billion-dollar crew from UBS Wealth Administration USA in Miami. 

Like this text? Let AdvisorHub come to you!  Enroll