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
The new recruits, who joined Merrill in February, together
managed more than $600 million in client assets at their old
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
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
Both Morgan Stanley and RBC declined to comment on the