Merrill Lynch grabbed a Morgan Stanley team who managed $628 million in clients assets, a spokeswoman said, making it the latest hire to come at a time when the company plans to slow down its recruiting efforts.
The company recently told managers that Merrill would pull back on hiring senior advisers at the end of May and focus on attracting younger talent.
Yet since Merrill made the announcement, the firm has recruited advisers managing more than $6 billion in assets.
Merrill’s most recent recruits, Thomas Reichert, his daughter, Lindsay, Paul Lotito, and Eric Aiello, will be joining the company’s office in Paramus, New Jersey. They made the move last week.
Thomas Reichert, the most experienced of the four advisers, has been in the industry for 39 years and worked at UBS for 25 of those years, according FINRA BrokerCheck records. Lotito and Aiello started working at UBS in 1990 and 2000 respectively. The three left UBS for Morgan Stanley in 2008.
Lindsay Reichert started working at Morgan Stanley in 2010, according FINRA BrokerCheck records.
A spokeswoman for Morgan Stanley declined to comment on the group’s departure.
Joining the advisers are clients associates Miriam Gentile and Tracy Hughes, a spokeswoman said.
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