STREET MOVES: Wells Fargo Hires Husband-Wife Broker Team From Morgan Stanley

   By Brett Philbin 
 

Wells Fargo Advisors, the brokerage unit of Wells Fargo & Co. (WFC), recently hired the financial adviser team of Joseph DiRago and his wife, Penny DiRago, from Morgan Stanley Wealth Management.

This week, the two brokers joined Wells Fargo's San Antonio, Texas office, where they report to Hugh Patterson, branch manager. The team together generated $1.4 million in fees and commissions over the past 12 months and managed $180 million in client assets.

Prior to joing Wells Fargo, Joseph and Penny DiRago each worked at Morgan Stanley for more than six years, according to Financial Industry Regulatory Authority records.

A Morgan Stanley spokeswoman didn't immediately respond to a request for comment on the departures.

The new hires at Wells Fargo follow the firm's addition of another team of million dollar producers--Robert Sackler and Marc Ackerman--from Morgan Stanley's Beverly Hills, Calif., office last week. The two brokers had about $4 million in combined annual production and $500 million in assets under management.

(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 [e-mail]

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