Merrill scores two advisor teams from JPMorgan, Morgan Stanley

Merrill has strengthened its wealth management capabilities across two key markets with the recruitment of two advisory teams from JPMorgan and Morgan Stanley, .

In a statement Tuesday, the Bank of America subsidiary announced Dustin Elliott and Andrew Bushong have joined its Austin, Texas office, led by market executive Daniel Frugé.

Both previously held positions at Morgan Stanley, with Elliott coming on board as managing director and Bushong as senior vice president. With a combined 38 years of experience in the industry, the duo oversees $450 million in client assets. They are joined by team members Katelyn Murff, Abby Sutterman, and Hannah Wertz.

Merrill's latest move in the Lone Star State builds on its ongoing spree of hires from Morgan Stanley, which has included four teams collectively managing more than $4.5 billion in the past three months alone

In addition to the Austin hires, Michael Puleio and Laura Bokser have joined Merrill Private Wealth Management’s New York City office, under the leadership of regional managing director Nathan Marsden. Both Puleio and Bokser were previously with JPMorgan Private Bank.

Puleio steps into the role of managing director, while Bokser joins as a junior partner. Together, they will manage $500 million in client assets, with a focus on ultra-high net worth clients, including business owners, family offices, and sports figures, who've emerged as an increasingly important niche across the wealth space at large.

Earlier in April, Merrill successfully engaged another group from among JPMorgan's ranks in the East Coast – a 12-person team managing $3.5 billion in client assets in Palm Beach Gardens, Florida.