Merrill Lynch lured away two advisors from Barclays Capital, where they managed a combined $285 million in assets.
The advisor duo, James Clarke and Philip Weyhe, joined Merrill's Park Avenue office in New York where they will report to Joseph Doonan. Clarke and Weyhe generated over $2.5 million in annual production while at Barclays.
Recruiters say that Barclays advisors have been eyeing an exit as the bank has faced increasing regulatory problems, damaging its reputation. The British bank has also been scaling back its operations overseas, and several top executives have left the company. In the U.S., Barclays has lost advisors to competitors such as RBC and UBS.
"I think any Barclays advisor is probably looking for another home that is less visible and doesn't have the ethical question mark right now," says Courtney Raymond, a recruiter and president of Courtney Raymond Consultants. "In banking there is such a thing as bad publicity."
Clarke is a two-decade veteran of the industry. He started his career with Lehman Brothers, leaving the firm for Barclays in September 2008, according to FINRA records. Weyhe has been in the industry since 1982. He joined Lehman in 2000 and left at the same time as Clarke for Barclays.
Merrill says the two advisors have worked together for more than 10 years, and serve primarily high-net-worth families with $5 million and more in investable assets.
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