Morgan Stanley advisers overseeing $2.34 billion leave for Merrill Lynch

Morgan Stanley advisers overseeing $2.34 billion leave for Merrill Lynch
They will open a new private banking office for Merrill in Bellevue, Wash.
OCT 12, 2016
A multi-billion-dollar Morgan Stanley team of advisers has departed for Bank of America Merrill Lynch to set up a new private banking office that will help the brokerage firm serve the expanding technology community in the Pacific Northwest. The team oversaw $2.34 billion of assets at Morgan Stanley, according to a person familiar with the matter who asked not to be identified because the information is private. Christine Jockle, a spokesperson for Morgan Stanley, confirmed the departures but declined to comment further. The eight financial advisers who were hired from the rival Wall Street brokerage firm are Jason Weese, Mark Harris, Todd Kelly, Matt Bridge, Kristen Buxton, Alan Lubner, Jim Ferguson and Traci Bumpus. They will serve as founding members of Merrill Lynch's new private banking and investment group office in Bellevue, Wash. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) “The expansion of technology sector, life sciences industry, and venture capital community has created substantial demand for private banking and wealth management services,” said Tracy Murphy, Merrill Lynch's regional managing director for the private banking and investment group in the Pacific Northwest. The firm's private banking and investment group, which is part of Merrill Lynch Global Wealth Management, is comprised of more than 175 highly-specialized teams focused on advising wealthy individuals, families and their businesses.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave