Wells Fargo nabs $650 million Barclays duo

Wells Fargo Advisors is expanding its presence in New York by hiring a Barclays Capital Inc. duo that manages $650 million. Michael Blaustein and Maureen Clancy joined Wells Fargo earlier this month after six years at Barclays, according to registration records with the Financial Industry Regulatory Authority Inc. “When considering a move that's right for our clients and our practice, reputation and culture are essential,” Ms. Clancy said in a statement. A spokeswoman for Barclays, Erica Chase, declined to comment on the team's departure. (More: Wirehouses still attracting adviser talent) The duo's business is comprised mostly of high and ultra-high net worth clients, according to Wells Fargo's statement. They will report to branch manager Anthony Arico. Wells Fargo Advisors had around $1.4 trillion in assets at the end of the first quarter. It has just over 15,100 advisers, the majority of whom are employees of the firm. Around 1,300 operate as part of the firm's independent broker-dealer network. Barclays' wealth management division has around 200 advisers focused on wealthy clients. (More: Wells Fargo sees results from financial planning) Mr. Blaustein and Ms. Clancy had been at Barclays since 2009, according to Finra records. Mr. Blaustein began his career in 1988 at CS First Boston Corp., according to registration records. Ms. Clancy began at BNY Investment Center Inc. in 2001.