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Morgan Stanley quits brokerage industry pact on recruiting

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Morgan Stanley quits brokerage industry pact on recruiting

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NEW YORK (Reuters) – Morgan Stanley <MS.N> said Monday that it would quit a pact it signed with rival securities brokerages 13 years ago that limited litigation among rival firms when brokers quit to join another company. Quitting the pact, called the protocol for broker recruiting, would allow it “to invest more heavily in its world-class advisers and their teams,” Morgan Stanley said in a statement.

(Reporting By Elizabeth Dilts; Editing by Steve Orlofsky)
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