How Banks Are Losing Clients to Their Own Employees

Corrected
  • Defection of $2 billion team aided by non-aggression agreement
  • Protocol for Broker Recruiting paves way for 1,000 upstarts

Morgan Stanley headquarters in New York.

Photographer: Victor J. Blue/Bloomberg

Morgan Stanley could do little but watch as a team of advisers overseeing $2.2 billion in assets quit last month to start their own shop, the latest in a string of departures that have shifted billions of dollars in assets away from big Wall Street banks.

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