Merrill Lynch lured away an advisor team generating $4 million in annual revenue from Morgan Stanley, a spokeswoman said.
The team, led by advisor John Mirsepahi, joined Merrill's Rockefeller Center office in New York last week. Mirsepahi was reuniting with the firm, after previously working for Merrill from 1999 to 2005 before leaving to join Smith Barney.
According to the latest Barron's top advisor rankings, Mirsepahi and his team managed $2.9 billion in client assets. He said he made the move because of the banking and lending capabilities available at Merrill through Bank of America, he said in a statement.
The team will report to Michael Simonds, complex director.
Misrepahi started his career at PaineWebber in 1995, according to BrokerCheck. He joined Smith Barney in 2005, staying through that firm's merger with Morgan Stanley. He was a Chairman's Club producer at Morgan, according to a statement from Simonds.
Also moving with the team is advisor Matthew Cali, who joined Smith Barney in 2007, investment analyst Matthew Zamora, and client associate Joanne Zaman.
Morgan has recently lost advisors to other rivals. Last week, Janney Montgomery Scott said it recruited advisors from the wirehouse who collectively generated about $3.7 million.
Advisor William Blackford, who generated $1 million while at Morgan, joined Janney's office in Spartanburg, S.C. The Philadelphia-based regional firm also lured away a Morgan team producing $2.7 million in revenue. That father-son team, consisting of Laurence and Jordan Braunstein, joined Janney's New York office.
Additionally, Morgan advisors Stephen Smith and Elizabeth Schrock joined Stifel’s Auburn, Calif., office. The duo managed $147 million while at the wirehouse.
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