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Wells Fargo hires three California brokers from Morgan Stanley, UBS

[January 06, 2015]  NEW YORK (Reuters) - Among a handful of hires that securities brokerages made in late 2014, Wells Fargo Advisors said Monday it recruited three brokers in California away from rival firms Morgan Stanley and UBS Wealth Management Americas where the brokers had managed $365 million in combined client assets.

Partners Dennis Shapses and David Cuellar, brokers who specialize in personal retirement planning, joined Wells Fargo in November in Palo Alto, California. Shapses and Cuellar had worked at Morgan Stanley since 2009, where they managed $240 million in assets.

Shamir Moussavi joined Wells Fargo on Dec. 5 in Pleasanton, California, from UBS, where he had managed $125 million in client assets. Moussavi, who joined UBS in 2008, has 16 years of industry experience.

A Morgan Stanley spokeswoman confirmed the two left the firm, but declined to comment further. A UBS spokesman said the firm does not comment on advisers' departures.

(Reporting by Elizabeth Dilts; Editing by Lisa Shumaker)

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