NEW YORK, Sept 3 The largest U.S. securities brokerage by sales force, Morgan Stanley, said Wednesday it hired three financial advisers who collectively managed $1.275 billion in client assets away from rival brokerages just before the Labor Day holiday weekend.
Michael Torpey and Charles Malamut started work at Morgan Stanley's office in Northfield, New Jersey on Aug. 28 from Bank of America's Merrill Lynch, where they managed $1.1 billion in client assets and generated nearly $3.5 million in annual revenue.
Jon Garofalo joined Morgan Stanley in Westport, Connecticut just one day later on Aug. 29, from JP Morgan Securities, where he managed $175 million in client assets and produced $1.5 million in revenue over the most recent 12 months.
A Merrill Lynch spokeswoman confirmed Torpey and Malamut left the firm but declined to comment further.
JP Morgan did not immediately responded to requests for comment.
Morgan Stanley, which employed 16,316 financial advisers as of June 30, often hires advisers from rival brokerages.
While the firm does not publicly announce all of the advisers it recruits, it most recently publicized the hiring of six new advisers in July. (Reporting by Elizabeth Dilts; Editing by Grant McCool)