Bank of America Corp’s Merrill Lynch has hired a team of veteran advisers from rival brokerage Morgan Stanley Wealth Management, reports Reuters.
Advisers Craig Massey and Mike Schmidt, who managed $1.1 billion in client assets and had an annual revenue production of $3.5 million at Morgan Stanley, will be based in Merrill Lynch’s Houston office.
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Massey and Schmidt were with Morgan Stanley for more than a decade and were a part of the company’s private wealth group, which caters to clients with $20 million or more in investable assets, Reuters report added.
Morgan Stanley, which owns a majority stake in Morgan Stanley Wealth Management, declined to comment on the departures.
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