NEW YORK Aug 21 Wells Fargo Advisors, Wells Fargo & Company's registered broker-dealer, said Thursday it recruited two brokers away from rival securities brokerage Morgan Stanley, where they managed nearly $350 million in client assets.
Alison Scavone, a 32-year-industry veteran, and William Hayden Bates started at Wells's office in Westport, Connecticut, Aug. 15. They bring with them client associates Summer Gigliotti and Jennifer Blair.
Wells Fargo and Morgan Stanley are two of the four largest U.S. brokerages, traditionally called wire houses. The other two are Bank of America Corp's Merrill Lynch and UBS Wealth Management Americas.
The wire houses often hire away top advisers from each other.
A Morgan Stanley spokeswoman confirmed the advisers left the brokerage, but declined further comment. (Reporting by Elizabeth Dilts; Editing by Leslie Adler)