Merrill, Raymond James Recruit From Barclays, Wells Fargo -- Street Moves

By Michael Wursthorn 

Merrill Lynch and Raymond James & Associates have hired financial advisers from Barclays PLC's U.S. wealth-management arm and Wells Fargo Advisors, respectively.

Merrill said Wednesday morning that it recruited a two-person financial-adviser team from Barclays, making the brokerage the beneficiary of 19 advisers from the London-based bank since Barclays agreed to sell the U.S. wealth unit to Stifel Financial Corp. in June.

Advisers Jim Ertmann and Ben Foster, who will work in Merrill's ultrawealthy client division, managed more than $800 million of client assets and generated $5.8 million in fees and commissions annually at Barclays. They will work out of Chicago.

Messrs. Ertmann and Foster joined Barclays through its acquisition of Lehman Brothers Holdings Inc.'s private investment management unit after the collapse of the investment bank in 2008.

Raymond James, meanwhile, said it hired advisers Bruce Daigle, Diane Fisher and Walter Wydo, Jr. to open a new branch in West Hartford, Conn. The three, known as the FDW Group, had been at Wells Fargo, where they managed more than $275 million and had $1.5 million in annual production.

Each of the three had worked at A.G. Edwards & Sons, remaining as the firm transitioned into Wachovia and later Wells Fargo.

A Barclays spokesman declined to comment. A Wells Fargo spokeswoman didn't immediately confirm the departures.

Write to Michael Wursthorn at [e-mail]

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