Morgan Stanley team with $427M in assets jumps to Wells Fargo

A team of financial advisers that manages $427 million of client assets has left Morgan Stanley for Wells Fargo & Co.'s brokerage business. Brian Latz, John Cicillini and Kenneth Cariota last week joined Wells Fargo Advisors' branch in Paramus, N.J., according to a Wells Fargo spokeswoman. They report to branch manager William George and Tim Sheridan, who oversees the New Jersey Highlands market. (More: See all the latest moves in the InvestmentNews Advisers on the Move database) Christine Jockle, a spokeswoman for Morgan Stanley, confirmed the departure of the advisers and declined further comment. Mr. Latz, Mr. Cicillini and Mr. Cariota each had worked for Morgan Stanley since June 2009, according to Financial Industry Regulatory Authority Inc.'s BrokerCheck. Before that, they were employed by Citigroup Inc. Wells Fargo's retail brokerage business had 15,042 advisers at the end of June and $1.5 trillion in client assets, according to a supplement to the bank's second-quarter earnings report. Wells Fargo Advisors recently recruited another broker from Morgan Stanley, Kenneth Ibbetson, who managed about $107 million of assets when joining the firm in Brea, Calif. on Aug. 19.