Morgan Stanley has recruited advisors managing nearly $1.3 billion in assets.
In the larger of two moves, a team that managed $1.1 billion left Merrill Lynch to join Morgan.
The team, comprised of advisors Michael Torpey and Charles Malamut, joined Morgan's Northfield, N.J., office. The two advisors will report to Chris Shaw, Southern New Jersey complex manager at Morgan Stanley, according to a statement from the firm.
Torpey and Malamut had a combined annual production of about $3.5 million.
According to FINRA records, Torpey had been a financial advisor at Merrill Lynch since 2008. Prior to that, he worked at Citigroup and UBS. Malamut was a long-time advisor at Merrill, having started his career in 1986, the documents show.
Morgan also announced the addition of a J.P. Morgan Chase advisor who managed $175 million in assets. Jon Garofalo joined Morgan's Westport, Conn., office. At his previous firm, Garofalo generated $1.5 million in revenue.
The new additions dwarf Morgan's recent advisor losses to rival firms; last month Wells Fargo snapped up a team managing $348 million while Raymond James picked up a Morgan advisor duo managing $180 million.
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