Feb 26 Bank of America Corp's Merrill Lynch has expanded its adviser footprint with five veteran hires from rival brokerages Morgan Stanley Wealth Management and RBC Wealth Management.
The new recruits, who joined Merrill in February, together managed more than $600 million in client assets at their old firms.
In New York, adviser Mickey Littmann moved to Merrill from Morgan Stanley Wealth Management, the brokerage majority owned by Morgan Stanley and partially owned by Citigroup. Merrill and Morgan Stanley Wealth Management are the two largest U.S. brokerages by client assets and adviser headcount, and they often vie for the same pool of veteran advisers.
Littmann, who joined Merrill's Fifth Avenue office in Midtown Manhattan, had been an adviser with Morgan Stanley and its predecessor firms for more than two decades. He managed $151 million in client assets and had an annual production of roughly $599,000.
Also joining Merrill from Morgan Stanley, advisers David Frank and John Judkins joined Merrill's Hunt Valley, Maryland, office. Judkins, who has worked in the advising industry for four decades, was a senior vice president at Morgan Stanley.
The two advisers were previously based out of the firm's Lutherville, Maryland, office and managed $168 million in client assets, with an annual revenue production of $1.2 million.
From RBC Wealth Management, advisers Edward Glenn and Pamela Staples joined Merrill's Austin, Texas, office. The advisers managed $300 million in client assets and generated roughly $1 million in annual revenue last year at RBC Wealth, the U.S. brokerage division owned by Royal Bank of Canada .
Glenn has worked in the advising industry for more than four decades, while Staples has worked in the industry for nearly three decades
Both Morgan Stanley and RBC declined to comment on the adviser departures.