Morgan Stanley Recruits Brokers From Wells Fargo, Merrill --Street Moves

   By Corrie Driebusch 
 

Morgan Stanley (MS) has recently recruited brokers from rival firms, including Wells Fargo & Co. (WFC) and Bank of America Corp. (BAC), whose combined annual production approaches $7 million in fees and commissions, according to their new employer.

Linda Goodson started working in Morgan Stanley Wealth Management's Palm Harbor, Fla., office on July 3. She came from Wells Fargo Advisors, where she generated $1 million in fees and commissions on $110 million in client assets, according to Morgan Stanley.

Ms. Goodson joined Wachovia in 2003 and remained with the firm through its merger with Wells Fargo, Financial Industry Regulatory Authority records show.

Also joining Morgan Stanley in Florida is Dante Neyra, who began working at the firm's Ft. Lauderdale, Fla., office on June 27. He worked for Bank of America's Merrill Lynch, where he generated roughly $1.1 million in fees and commissions annually, his new firm said. Mr. Neyra started at Merrill Lynch in 1999, according to Finra records.

Richard Duffy and Russell Kwok left JP Morgan Chase & Co. (JPM) in late June to join Morgan Stanley in Los Angeles. The team generated $3.5 million in annual production, a Morgan Stanley spokeswoman said.

Brian Purcell started working at Morgan Stanley's Santa Rosa, Calif., office on June 26. Before the move, he managed $115 million in client assets at Merrill Lynch and generated $1.3 million in fees and commissions, his new firm said.

A spokesman for JP Morgan didn't immediately respond to a request for comment. A spokeswoman for Merrill Lynch confirmed the departures but declined to comment further, and a spokeswoman for Wells Fargo said she couldn't confirm Ms. Goodson's departure.

(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 those who manage more than $100 million in client assets.)

-Write to Corrie Driebusch at [e-mail]

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