June 14 Bank of America Corp's Merrill Lynch has hired a team of veteran advisers from Morgan Stanley Wealth Management that managed $408 million in client assets, the company confirmed on Friday.
Advisers John Lembeck, Charles Belluardo and Sabrina Wiesel-Crammer moved to Merrill in May from Morgan Stanley, where they had annual revenue production of roughly $3 million. They joined Merrill's Red Bank, New Jersey, office.
Lembeck, who has worked in the advising industry for nearly three decades, and Belluardo were both senior vice presidents at Morgan Stanley, based out of the firm's Shrewsbury, New Jersey, office.
Morgan Stanley declined to comment on the departures.
Morgan Stanley Wealth Management, which was formed out of the merger of Morgan Stanley's wealth unit and Citigroup's Smith Barney in 2009, is often neck-and-neck with Merrill for the top spot as the largest U.S. brokerage in terms of client assets managed by advisers at the firms.