ON THE MOVE-Stifel adds broker teams from Morgan Stanley, Wells
Jan 29 (Reuters) - Brokerage firm Stifel Nicolaus & Co said on Tuesday it opened a new office in Stuart, Florida with the addition of two veteran adviser teams from the brokerage units of Wells Fargo & Co and Morgan Stanley.
Advisers Robert Sander and Christopher Lesser, who together managed $195 million in client assets, joined Stifel from Wells Fargo Advisors, the third-largest U.S. brokerage owned by Wells Fargo & Co. A client asset base of that size typically translates to about $2 million in annual revenue generation.
Both Sander, who has worked in the industry for about three decades, and Lesser, were A.G. Edwards advisers who joined Wells through a series of acquisitions.
Also on the move, advisers Thomas Bevan and Janet Bevan joined Stifel from Morgan Stanley Wealth Management, the brokerage majority owned by Morgan Stanley and partially owned by Citigroup. The advisers managed $82 million in client assets at the firm.
Stifel, Nicolaus & Co is a subsidiary of the St. Louis-based financial services holding company Stifel Financial Corp.
Both Wells Fargo and Morgan Stanley declined to comment on the departures.