Wells Fargo grabs advisers with $440M in AUM

Wirehouse advisers overseeing more than $440 million in client assets went independent with Wells Fargo Advisors Financial Network, a spokeswoman said.

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Wells Fargo & Co signage is displayed on the Wells Fargo Center skyscraper in downtown Los Angeles, California, U.S., on Tuesday, July 7, 2015. Wells Fargo & Co. is scheduled to report quarterly earnings on July 14. Photographer: Patrick T. Fallon/Bloomberg

In Staten Island, New York, two advisers left Merrill Lynch in separate moves.

Michael Russo managed more than $125 million, according to Wells Fargo. Russo had been with Merrill since 2009, according to FINRA BrokerCheck records. Previously, he worked at Bank of America.

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Plus, advisers with $450M in combined AUM join Benjamin Edwards.

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Adviser Dennis Surmanek previously oversaw $72 million in assets while at Merrill, according to Wells Fargo. Like Russo, Surmanek had worked at Merrill since 2009. He started his career at Smith Barney in 2006.

A Morgan Stanley that oversaw more than $243 million also joined Wells Fargo's independent channel. Tom Fautrel and Paul Carlson opened a new practice in Bethesda, Maryland.

Fautrel and Carlson had been with Morgan since 2011, per BrokerCheck records. They previously worked at Merrill Lynch.

Spokespersons for Merrill and Morgan were unavailable for immediate comment.

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Recruiting Career moves Independent BDs Wirehouse advisors Wirehouses Morgan Stanley Wealth Management Morgan Stanley Wells Fargo Wells Fargo Advisors Wells Fargo Advisors Financial Network
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