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ON THE MOVE-Merrill Lynch picks off 12 Barclays brokers post sale

NEW YORK, June 18 (Reuters) - Bank of America Corp’s Merrill Lynch hired 20 brokers over the last week who managed a combined $1.8 billion in assets at their previous firms, including a dozen from the recently sold Barclays Plc’s U.S. wealth and investment management unit, according to Bank of America news release.

Two of the biggest money-making advisers to join Merrill Lynch from Barclays are Michelle Motsko and Michael Brodnik, who joined Merrill’s Private Banking & Investment Group (PBIG) in Washington. The pair previously worked for Barclays in Philadelphia, where they managed $280 million in assets and produced $3.2 million in annual revenues for the firm.

U.S. investment bank Stifel Financial Corp confirmed it would buy Barclays wealth unit earlier this month. The terms of the deal, which is expected to be finalized in November, were not disclosed.

However, Stifel Chief Executive Ron Kruszewski said that, depending on the number of advisers who ultimately join Stifel, the deal could add $200 million to $325 million in revenue.

Stifel did not respond to request for comment.

Ten other Barclays alumni joined Merrill Lynch PBIG offices in Los Angeles, Washington, Reston, Virginia, Boston and Philadelphia. Apart from the brokers hired from Barclays, Merrill also signed on advisers from J.P. Morgan Chase & Co and UBS Financial Services.

Jerad Chao and Michael Margiotta joined Merrill’s Santa Monica, California, office from UBS, where they managed $422.5 million in client assets and produced $1.9 million in annual revenues, making them another high-producing team among the new hires. (Reporting by Elizabeth Dilts. Editing by Andre Grenon)

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