April 25 Bank of America Corp's Merrill
Lynch said on Thursday it hired a team of veteran advisers in
Texas from rival brokerage Morgan Stanley Wealth Management.
Advisers Craig Massey and Mike Schmidt joined Merrill
Lynch's private banking and investment group on Friday. The
team, based in Houston, managed $1.1 billion in client assets
and had an annual revenue production of $3.5 million at Morgan
Massey and Schmidt, who had been with Morgan Stanley for
more than a decade, were a part of the company's private wealth
group, which caters to clients with $20 million or more in
investable assets. The advisers serve both ultra-high-net-worth
individuals and institutional clients.
Morgan Stanley, which owns a majority stake in Morgan
Stanley Wealth Management, declined to comment on the
departures. The brokerage is also partially owned by Citigroup
and was formed from the merger of Morgan Stanley's wealth
unit and Citi's Smith Barney in 2009.
Morgan Stanley Wealth Management and Merrill Lynch are the
two largest U.S. brokerages by client assets and adviser
headcount. The two are often neck-and-neck for the top spot and
compete for similar veteran advisers.
Morgan Stanley said earlier on Thursday it hired former
Merrill adviser Thomas McCann in La Jolla, California.