July 9 Bank of America Corp's Merrill Lynch said on Tuesday it hired veteran brokers in New York and Washington, D.C., from rival firm Morgan Stanley Wealth Management to join its adviser force.
In New York, advisers Addison Sherman, Mary Tomkins and Angelo Mamone joined Merrill's Mount Kisco office from Morgan Stanley, where they managed a combined $324 million in client assets. They together generated roughly $3.2 million in annual revenue.
In Washington, adviser Michael Abbenante joined Merrill's D.C. office from Morgan Stanley, where he managed $110 million in client assets and had an annual revenue production of $1.1 million.
Morgan Stanley Wealth Management, the largest U.S. brokerage, was formed out of the merger of Morgan Stanley's wealth business and Citigroup's Smith Barney in 2009. Merrill is the second-largest U.S. brokerage.
Merrill and Morgan Stanley, along with other top brokerages Wells Fargo Advisors and UBS Wealth Management Americas, often vie for the same pool of top advisers.
The movement of such teams has largely slowed across the industry during the first half of 2013 as stronger markets in 2013 have kept more advisers in place because they are less inclined to move client accounts.
Morgan Stanley confirmed the adviser departures, but declined to comment further.