Merrill Lynch nets $300M team from Morgan Stanley
Merrill Lynch lured over a Morgan Stanley team that managed $300 million in client assets, according to a spokeswoman.
The team, which made the move this week, is the latest high-profile hire at Merrill Lynch. The wirehouse recently said it intended to reduce its recruiting of experienced advisers, but made an exception for talks with potential recruits that started prior to June 1.
The firm's newest hires, Will Sahlman and Greg Jones, joined its Rockefeller Center office in New York.
Sahlman and Jones have worked together for 15 years, and serve high-net-worth families, foundations and trusts, according to Merrill Lynch.
They worked at Morgan Stanley since 2008, and before that they were at Lehman Brothers, according to FINRA BrokerCheck records.
It seems that a long bull market in transition deals may be coming to an end.
"It's always nice when one poker player folds and it's down to two or three players," one recruiter says.
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
Also moving with the team is client associate Tom Stack.
A Morgan Stanley spokeswoman was unavailable for immediate comment.
In addition to Merrill, Morgan Stanley and UBS have also retrenched from recruiting. Wells Fargo, meanwhile, remains the outlier.
"Attracting the industry’s top talent will always be a priority for Wells Fargo Advisors," a spokeswoman said last month.
She added that the firm had been disciplined in its recruiting strategy, and that adding advisers has helped the wirehouse grow in key markets.