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
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
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.