Bank of America (NYSE:BAC)
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1 Year : From May 2012 to May 2013
By Brett Philbin
Bank of America Corp.'s (BAC) Merrill Lynch Wealth Management unit continued its string of recent high-producing financial adviser hires, adding Andrew Cappello and Christie Roberts, a team of brokers, from Morgan Stanley Smith Barney.
Last month, Mr. Cappello and Ms. Roberts joined Merrill Lynch in Tampa, Fla. The team together generated roughly $5 million in fees and commissions and managed $378 million in client assets.
Prior to joining Merrill Lynch, Mr. Cappello worked at Citigroup Inc. (C) for nearly 26 years and remained another three years at the brokerage joint venture with Morgan Stanley (MS), according to Financial Industry Regulatory Authority records.
Ms. Roberts spent roughly 28 combined years at the two firms, regulatory records show.
The new recruits follow Merrill Lynch's announcement of adviser team hires from Barclays PLC (BCS, BARC.LN) and Morgan Stanley Smith Barney in each of the past two weeks. Those teams had $4.4 million and $4.6 million in annual production, respectively.
A Morgan Stanley spokeswoman confirmed Mr. Cappello and Ms. Roberts left the firm, but declined further comment.
(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and who manage more than $100 million in client assets.)
Write to Brett Philbin at firstname.lastname@example.org
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