ON THE MOVE-Wells Fargo hires 8 advisers managing $1 bln in assets

NEW YORK, July 10 Thu Jul 10, 2014 5:30pm EDT

NEW YORK, July 10 (Reuters) - Wells Fargo Advisors' recruiting team had reason to celebrate even before last week's Fourth of July.

In the week before the holiday, the nation's third-largest brokerage firm hired eight financial advisers who collectively managed more than $1 billion in combined client assets. The advisers will work at several east coast and mid-west offices.

A Wells Fargo spokeswoman said the one-week recruiting blowout was not necessarily reflective of overall hiring. The firm frequently keeps the names of new hires to itself, she said.

These hires, announced on July 9, were all made between Friday, June 27, and Wednesday, July 2. None were immediately available for comment.

Thomas Teagle, a financial adviser in Richmond, Virginia, joined Wells Fargo Advisors on June 27 from BB&T Scott & Stringfellow, a division of BB&T Securities, where he managed $155 million in client assets.

Chris Carbone and Bill Brucato moved to Wells Fargo from RBC Capital Markets, the investment banking arm of the Royal Bank of Canada, where they managed $160 million. The two started on June 27 and are based in Utica, New York.

Rob Wiggins rounded out the new hires on June 27, joining Wells Fargo's Raleigh, North Carolina, office from First Citizens Investor Services, where he managed $100 million.

On July 1, adviser Mark Pignotti joined Wells Fargo Advisors in Chicago from UBS Financial Services where he managed $317 million in client assets.

The three-person team of Timothy Colvin, Jeffery Bedford and Gregory Taylor joined Wells Fargo Advisors Financial Network, or FiNet, on July 2 in Kingsport, Tennessee. FiNet is Wells Fargo's independent broker-dealer for advisers who also function as business owners.

The team joined from UBS Financial Services where they managed $326 million.

BB&T Scott & Stringfellow, RBC Capital Markets, First Citizens Investor Services and UBS did not immediately respond to request for comment. (Reporting by Elizabeth Dilts. Editing by Andre Grenon)