Advisers on the Move: Advisers with $6B in AUM join Merrill Lynch
While Merrill Lynch and Morgan Stanley announced recruiting cutbacks, recent weeks have brought a whirlwind of new hires for both firms.
Advisers who managed over $6 billion in combined clients joined Merrill Lynch. At the same time, the wirehouse lost advisers managing more than $420 million to competitors.
Meanwhile, Merrill Lynch told managers that the firm would cease hiring senior advisers by the end of May and focus on recruiting younger advisers with three to eight years of industry experience.
"Whenever there is a deadline, there is a flurry of hires," recruiter Bill Willis says.
But Merrill wasn’t the only firm to bring in big recruits. J.P. Morgan Securities grabbed two wirehouse teams who managed over $700 million in client assets.
Scroll through to see these and other recent hires.