Merrill Adds Brokers Managing $1.5 Billion; Morgan Stanley Also Adds to Roster -- Street Moves
19 April 2016 - 7:43AM
Dow Jones News
By Michael Wursthorn
Bank of America Corp.'s Merrill Lynch brokerage last month hired
nine brokers who managed more than $1.5 billion in client
assets.
Nearly all of the new hires announced by Merrill were from
Morgan Stanley, accounting for $1.3 billion of the assets. A trio
from Long Island in New York managed the largest amount of client
assets. Advisers John Gatto, Kenneth Gatto and Matthew Hughes, who
had worked together at Smith Barney before its acquisition by
Morgan Stanley, oversaw $675 million in client assets and generated
$5.3 million in annual fees and commissions.
The other hires from Morgan Stanley were Mark Karstaedt, a New
York-based adviser who handled $147 million for clients to generate
$812,400 in annual revenue; Pasadena, Calif.-based adviser Scott
Uffelman, who managed $185 million in assets and produced $831,800
in annual revenue; and Kirsten Tuzzo and Blaine Minton, who worked
in Boca Raton, Fla., managing $287 million and had $2.6 million in
annual fees and commissions.
A Morgan Stanley spokeswoman confirmed the departures but
declined to comment further.
Merrill also said it hired Mark French and Kevin Parrill, of
Plano, Texas, from UBS Group AG, where they had nearly $2 million
in combined annual revenue and managed $239 million in client
assets. A UBS spokesman declined to comment on the moves.
Merrill, similar to other brokerages, doesn't release the names
of all its hires, instead announcing the addition of brokers who
manage a significant amount of assets.
Merrill has been coping with a declining head count in recent
quarters, with most of the departures tied to brokers who were
based in the U.S. but handled a large number of clients overseas.
Merrill said last summer it would no longer serve clients in
certain foreign jurisdictions, while also raising overseas client
account minimums and limiting brokers' ability to travel to those
regions.
Its number of brokers as of March fell by 86 to 14,413 from the
fourth quarter.
Morgan Stanley has also made some of its own hires in recent
weeks. It picked up two brokers from Credit Suisse Group AG, who
managed $482 million in client assets, and another three from
Merrill Lynch, where they handled $851 million for investors.
Write to Michael Wursthorn at Michael.Wursthorn@wsj.com
(END) Dow Jones Newswires
April 18, 2016 17:28 ET (21:28 GMT)
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