$587M Morgan team goes independent with Wells Fargo

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A Morgan Stanley team that managed $578 million in client assets left the wirehouse for independence with Wells Fargo FiNet, a spokesman said.

Matt Petersen, Dwayne Michael, Michael Budd, Brian Gibson, Randy Gibson and Andy Carrigan operate their practice as Encore Wealth Management, based out of Fresno, Calif.

Both Petersen and Carrigan started their careers at the Morgan Stanley in 2000 and 1994 respectively, according to FINRA BrokerCheck records.

Also, starting their careers at the wirehouse are Brian Gibson and industry veteran Randy Gibson, in 2005 and 1978 respectively, BrokerCheck records show.

A Wells Fargo's spokesman was not immediately available to clarify whether the Gibsons are related.

Michael, also an industry veteran, began his career at Dean Witter Reynolds in 1979, BrokerCheck shows. He stayed with the firm after Dean Witter Reynolds' merger with Morgan in 1997, per BrokerCheck.

Budd joined the industry in 1981 with Drexel Burnham Lambert, a former Wall Street investment bank. Budd worked for UBS' predecessor: PaineWebber in 1985, Bateman Eichler, Hill Richards in 1988 and Wells Fargo's predecessor: Wachovia Securities in 1990 before joining Morgan Stanley in 2008.

A Morgan spokeswoman declined to comment on this move.

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