NEW YORK (MarketWatch) — Brokerage joint venture Morgan Stanley Smith Barney recently hired eight financial advisers from firms including Wells Fargo Advisers, a unit of Wells Fargo & Co.
; and Bank of America Corp.’s
Merrill Lynch Wealth Managaement.
On Friday, Judy Keng and Sue Teng–the Keng Teng Team–joined Morgan Stanley in Palo Alto, Calif., from Wells Fargo. The team together generated $1.6 million in fees and commissions and managed $162 million in client assets.
Before joining Morgan Stanley, Keng worked at Wells Fargo for more than 10 years, while Teng spent over nine years there, according to Financial Industry Regulatory Authority records.
Shao Te, a 10-year Wells Fargo veteran, also joined Morgan Stanley in Palo Alto. Te had roughly $1.3 million in annual production and $105 million in assets under management.
Other new hires in California include Jack Wong and Darryl Ng, the Wong Ng Team, who joined the firm’s San Jose office from Wells Fargo. The two advisers had $3.1 million in annual production and managed $289 million in client assets.
Wong, a former Morgan Stanley employee, worked at Wells Fargo for more than eight years, while Ng spent more than six years at the firm, according to Finra records.
All five advisers report to Patricia Benner, the firm’s Silicon Valley complex manager.
In Newport Beach, Calif., William Bullock and Gayle Bullock–the Bullock Group–joined Morgan Stanley from Merrill Lynch. The team had $2.4 million in combined production and managed $231 million in client assets. The team reports to Complex Manager Lance Million.
William Bullock was a 35-year Merrill Lynch veteran, while Gayle Bullock worked there for more than 25 years, Finra records show.
Additionally, Morgan Stanley hired Brandon Hunt, who is also based in Newport Beach. Hunt, a 25-year Merrill veteran, had $1 million in annual production and $91 million in assets under management.
Representatives for Wells Fargo and Merrill Lynch confirmed the advisers had left the firms.
(STREET MOVES chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and who manage more than $100 million in client assets.)
View more information: https://www.marketwatch.com/story/morgan-stanley-hires-wells-merrill-brokers-2011-09-07