By Michael Wursthorn
Two long-serving Merrill Lynch veterans have joined Morgan
Stanley, where they will work to bring most, if not all, of the
more than $600 million in client assets they managed.
Financial advisers Harvey and Murray Bell, who are also
brothers, joined Morgan Stanley's Short Hills, N.J., office
recently. Mr. Harvey was a producing manager for Merrill, and,
together, they generated $3.6 million in fees and commissions
annually, a Morgan Stanley spokeswoman said. A person with
knowledge of the matter added that the brothers oversee about $620
million in assets.
The Bell brothers had spent the vast majority of their careers
at Merrill, joining in 1982 and 1984, respectively. Together, they
rode through several market cycles, including the financial crisis,
as well as Merrill's acquisition by Bank of America Corp. in
2009.
It wasn't immediately clear why the pair opted to leave Merrill.
A Merrill spokeswoman confirmed the departures but didn't provide
further comment.
These hires by Morgan Stanley offset some of Merrill's most
recent recruitment gains. Over the last several weeks, Merrill
poached 20 advisers managing more than $1.8 billion in assets,
including 12 from Barclays PLC's U.S. wealth-management arm.
(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. Michael Wursthorn can be reached at
212-416-2218 or at michael.wursthorn@wsj.com.)
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