Merrill Lynch Hires Financial Advisors
Merrill Lynch & Co.'s global wealth-management group recently recruited high-producing financial advisor Jay Thornton from Morgan Stanley, added brokers from Lehman Brothers Holdings Inc. and UBS AG, and hired nine former Wachovia Securities advisors.
The addition of the brokers comes after Merrill agreed to be acquired by Bank of America Corp. last month, raising concerns about possible broker defections amid the combination of the two firms. In addition, Merrill's brokers are still awaiting word of Bank of America's retention package.
Thornton, who joined Merrill's Newport Beach, Calif., office on Thursday, produced over $5.3 million in commissions and fees and managed $1.3 billion in prior assets. He worked at Morgan Stanley and predecessor firm Dean Witter for about 15 years, according to Financial Industry Regulatory Authority records.
A Morgan Stanley spokeswoman confirmed that Thornton had left the firm, but declined to comment on his production or prior asset figures. A Merrill Lynch spokeswoman confirmed the addition of all of the brokers.
"I think with all of the tumult that's gone on with the market, Merrill Lynch with the Bank of America acquisition seems to be seen as a more of a solid player right now, notwithstanding the fact that the retention package hasn't been put out yet," said Howard Diamond, managing director of Diamond Consultants, a New Jersey-based recruiting firm.
Merrill Lynch also added Robert Dyer and Thomas Dexter from Lehman to its private banking and investment group in New York. Dyer and Dexter had over $2.9 million in production and managed $921 million in prior assets.
Barclays PLC agreed to acquire Lehman's broker-dealer unit and other assets, including its private investment management group, last month. Barclays couldn't immediately be reached for comment on the team's departure from the firm.
Dyer worked at Lehman, which filed for bankruptcy protection, for four years and at Morgan Stanley for six years, according to Finra records. Dexter was a four-year Lehman veteran and spent more than three years at Morgan Stanley, regulatory records show.
In addition, Merrill hired nine brokers from Wachovia Securities who had more than $5.6 million in production and managed over $800 million in prior assets. The former Wachovia brokers included Michael Avadikianm, Stefan Contorno, Elizabeth Goldthwaite, Joyce Harris, Phil Kousaie, Donald Limacher, Rhett Merchant, Mark Robles, and John Straughn.
While the movement of advisors to new firms is often a lengthy process and planned well in advance, more advisors could leave Wachovia as they await the conclusion of a legal battle between Citigroup Inc. and Wells Fargo & Co.. On Friday, Wells Fargo made a surprise offer to buy Wachovia, after Citigroup had agreed a week ago to buy the firm's banking operations. In one reported scenario, Wells Fargo would get the brokerage business, but the fate of the advisors is still uncertain.
Wachovia Securities didn't immediately return a phone call request for comment.
Merrill also hired Edward Dulin from UBS to work in its Scottsdale, Ariz., office. Dulin had more than $2.1 million in production and managed more than $181 million in prior assets.
A UBS spokeswoman confirmed Dulin had left the firm. He worked at UBS for about eight years, according to regulatory records.
-By Brett Philbin, Dow Jones Newswires; 201-938-5393; brett.philbin@dowjones.com
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