Merrill Lynch lured a pair of $4 million producers from Barclays, adding to the defections that began after Stifel announced its intentions to buy the bank-owned wealth management unit.
The move came on the heels of another million-dollar recruitment grab reported by Merrill today.
Advisors Jason Hutton and Steven Gottlieb managed $520 million in client assets while at Barclays, according to the firm. They will report to Managing Director Joseph Doonan at Merrills Park Avenue office in New York.
Specializing in servicing high-net-worth families and investment professionals, they were lured partly by Merrills platform, Merrill Lynch One, which was launched last year, they said. We believe Merrill Lynch is committed to helping us grow our practice by providing all of the tools necessary to complement our client needs, Hutton says.
The duo started their careers at Lehman Brothers. Hutton joined in 1997, while Gottlieb came in nine years later. Since then, their careers have run parallel as they both made stops at UBS and then moved to Barclays. Hutton joined Barclays in 2009, and Gottlieb followed a year after.
Earlier, Merrill reported hiring an $800 million team from Barclays adding to the flood of Barclays exits this month. According to On Wall Street reporting, more than 50 Barclays advisors have left since the Stifel announcement. Combined, they oversaw $6.5 billion in AUM.
Among the most recent defections was yet another group that moved to Merrill, which had generated $6 million in production before making the switch.
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