Former A.G. Edwards execs are out at Wells Fargo

Several former long-time executives of A.G. Edwards & Sons Inc. are no longer with Wells Fargo Advisors LLC, InvestmentNews has learned. Peter Miller, president of the advisor development group at Wells Fargo & Co., Michael Scafati, a senior vice president of managed products, and Chuck VanGronigen, director of branch administration and operations, left the firm in mid-July as part of a management reshuffle. Wells Fargo representatives declined to identify any individuals let go in the revamp. “Wells Fargo Advisors recently made a number of changes to its internal structure to help streamline operations and position the organization for success,” spokeswoman Raschelle Burton said in a statement. To some former A.G. Edwards employees, the loss of the managers looked like another step in closing the book on the Edwards legacy. “You're seeing the exodus of most of the Edwards old guard,” said one former A.G. Edwards insider, who asked not to be identified. A.G. Edwards was taken over by Wachovia Corp. in 2007, and Wachovia was rescued by Wells Fargo in 2008. “Our firm has completed no fewer than 10 significant mergers in the past 12 years, and our senior leadership team includes people from many of these predecessor firms — including A.G. Edwards,” Ms. Burton wrote in an e-mail. Mr. Miller, Mr. Scafati and Mr. VanGronigen did not return calls by press time.