| NEW YORK
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
The wire houses often hire away top advisers from each
A Morgan Stanley spokeswoman confirmed the advisers left the
brokerage, but declined further comment.
(Reporting by Elizabeth Dilts; Editing by Leslie Adler)