Last week had been bad for Morgan Stanley Smith Barney as it lost a team of three advisors who collectively managed US$1.7 billion in client assets.

The seven advisors will join Morgan Stanley’s branch in New York, New Jersey and Ohio.

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Ex-RBC Dain Rauscher advisor Mark Donohue will join Morgan Stanley’s News York City office and will be reporting to Henry Kaplan, complex manager. Donohue has managed more than US$700 million in assets and commanded annual fee and commission of US$6 million.

Morgan Stanley has also recruited the Naples Team, comprising of Gregory Naples and Chris Naples, who will be joining the Ohio office and will be reporting to Paul Sheeks, branch manager.

The team commanded annual fees and commission of close to US$1.3 million and handled US$100 million in assets under management.

Bryan Jones and James Woods of the Jones/Woods Group from Merrill Lynch will join the Akron, Ohio office. The team will report to Northern Ohio Complex Manager Thomas Russ. The group managed US$210 million, with a combined yearly fees and commissions of nearly US$2 million.

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Another group deserting Merrill Lynch and joining Morgan Stanley is the Bernstein Rosen Group. Nancy Bernstein and Greg Rosen of the group will join the firm’s Bedminster, New Jersey office and will be reporting to branch manager Robert Milligan. The team handled assets of US$157 million and commanded a fees and commission of roughly US$1.4 million.