Nov 29 Bank of America Corp said on
Thursday that its Merrill Lynch brokerage had added 10 veteran
advisers across the United States from rival units at Morgan
Stanley, UBS AG and Wells Fargo & Co
The new hires, who joined Merrill in October and November,
managed more than $1 billion in client assets at their old firms
and had a combined production of $7.7 million in annual revenue.
In Kentucky, advisers Charles Mercer, Marguerite Rowland and
Dowell Ryan moved to Merrill from UBS Wealth Management
Americas, the brokerage owned by Swiss bank UBS AG. The team,
based in Louisville, managed $265.3 million in client assets at
the firm and generated $2.4 million in annual revenue last year.
In California, adviser Jeffrey Wells moved to Merrill from
Morgan Stanley Wealth Management, the brokerage majority owned
by Morgan Stanley and that has Citigroup as a minority
owner. Wells managed $264 million in client assets and generated
$1.5 million in annual revenue last year. He is based in
Merrill's Mill Valley office.
In Connecticut, adviser Keith Ward also joined Merrill from
Morgan Stanley, where he managed $136.3 million in client assets
and had a production of $1.6 million in revenue last year. He is
based out of Merrill's Greenwich office.
In Washington, D.C., adviser John Forster moved to Merrill
from Morgan Stanley. Forster, who has worked in the advising
industry for roughly three decades, managed about $110 million
in client assets and generated $500,000 in revenue last year.
In Red Bank, New Jersey, Merrill added three advisers from
Morgan Stanley. Raymond Abbate managed $102 million in client
assets at Morgan Stanley, while Bob Reinert and Craig Reinert
managed $92 million.
Also on the move, adviser Terry Schurman joined Merrill's
Ponte Vedra, Florida office from Wells Fargo Advisors, the
brokerage owned by Wells Fargo & Co. Schurman managed about $102
million in client assets.
UBS confirmed the departures but did not comment further.
Morgan Stanley and Wells Fargo did not immediately respond to
requests for comment on the departures.
Merrill Lynch, Morgan Stanley Wealth Management, Wells Fargo
Advisors and UBS Wealth Management Americas are among the top
U.S. brokerages by client assets. The four firms often vie for
the same pool of veteran advisers.