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ON THE MOVE-Wells Fargo raids Morgan Stanley for advisers
Aug 17 (Reuters) - Wells Fargo & Co has raided the adviser ranks of Morgan Stanley Smith Barney, hiring seven veterans in five U.S. states who manage nearly $900 million in assets.
Wells announced four other adviser hires in two more states, with all to join Wells Fargo Advisors, the company's St. Louis-based brokerage business. The 11 advisers managed a total of $1.4 billion in client assets at their old firms.
Allen Wilson joined Wells in Florham Park, New Jersey last week from Stifel Nicolaus & Co, where he managed $212 million in client assets.
"I wanted to align myself with a bigger, top-tier company," he said in an interview. He was joined by his client associate Susan McNamara, also from Stifel.
Wilson, whose business is primarily based in fixed income, said he chose to move because he wanted to expand the types of products and services he could offer his clients in that market.
Wilson joined Wells' private client group, the biggest division within the company's brokerage business, which has more than 15,000 advisers with $1.2 trillion in client assets among its brokerage subsidiaries.
Wells also has a broker-dealer unit for independent advisers and a separate division of advisers who work in bank branches.
NEW HIRES FROM MORGAN STANLEY SMITH BARNEY
Also on the move, Louisiana-based adviser Michael Prat joined Wells from Morgan Stanley Smith Barney, where he managed $251 million in client assets. He joined Wells' New Orleans office and reports to branch manager Billy Blakeman.
Prat had been with his old firm for more than 30 years. He was a legacy Citigroup Smith Barney adviser who joined Morgan Stanley Smith Barney in 2009 after Smith Barney merged with Morgan Stanley's wealth unit that year.
In Florida, adviser Jeff Drowos and his son Bryan Drowos joined Wells from Morgan Stanley Smith Barney, where they managed $198 million in client assets. The two advisers are based in Boca Raton and were joined by their client associate Cindy Shore. They report to market manager Alex Bigelow.
The senior Drowos had been at his old firm for more than two decades and also worked at Merrill Lynch. Both Drowos and his son were legacy Smith Barney advisers.
In Alabama, advisers James "Jimmy" Burns and Judson "Judd" Fleming joined Wells from Morgan Stanley Smith Barney, where they managed $146 million in client assets and were legacy Smith Barney. Burns also had worked at Merrill Lynch for two decades. They joined Wells' Birmingham office and report to market manager Jay Hoyle.
In New York, adviser Cynthia Colin joined Wells from Morgan Stanley Smith Barney, where she managed $154 million in client assets. Colin, a four-decade industry veteran and legacy Smith Barney, had been at her old firm for more than 30 years. She is based out of Wells' Park Avenue branch and reports to branch manager Tim Sheridan.
In Illinois, adviser Steve Freidin joined Wells from Morgan Stanley Smith Barney, where he managed $110 million in client assets. Freidin was joined by financial consultant Larry Malles and they both report to complex manager Jim Johnson in Wells' Lake Forest office.
All seven of the advisers from Morgan Stanley Smith Barney joined the Wells' private client group.
NEW HIRES FROM UBS, MERRILL, PHILLIPS
From UBS Wealth Management Americas , adviser Jack Lobianco joined Wells' St. Petersburg, Florida office, where he reports to branch manager Gary Garcia. Lobianco, a 22-year industry veteran, managed $109 million in client assets at UBS.
From Bank of America Merrill Lynch, adviser Lance Hubeny joined Wells in New Jersey. Hubeny, a nearly three-decade industry veteran, managed $98 million in client assets at Merrill. He reports to complex manager John Puzio and is based out of Wells' Red Bank office.
Both Lobianco and Hubeny joined Wells' private client group.
From Phillips & Co, adviser Pil Hwang joined Wells' banking division in Portland, Oregon, where he reports to regional brokerage manager Tony Brauner. Hwang, a 14-year industry veteran, managed $120 million in client assets.
So far this year, Wells has added at least 97 veteran advisers who managed more than $11 billion in client assets at their old firms, based on moves tracked by Reuters.
Reuters tracks the moves of individual advisers or teams that manage about $100 million or more in client assets, which typically translates to $1 million or more in annual production.
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