By Corrie Driebusch
Morgan Stanley (MS) has hired financial advisers who manage a combined $650 million in client assets from the rival brokerage arms of Bank of America Corp. (BAC) and UBS AG (UBS, UBSN.VX).
The D&L Group advisory team of Diane Alecci and Lynn Blanchard has joined Morgan Stanley Wealth Management's Paramus, N.J., office from Merrill Lynch. The team, which generated roughly $2.9 million in fees and commissions annually on $500 million in client assets while at Merrill, will report to branch manager Eric Jansen.
Ms. Alecci had worked at Merrill for more than three decades and Ms. Blanchard was with Merrill since 1985, according to Financial Industry Regulatory Authority records.
Separately, Ralph Marra joined Morgan Stanley Wealth Management's Shrewsbury, N.J., office from UBS Wealth Management Americas. He previously managed $150 million and produced about $2.1 million annually.
Mr. Marra had been employed at UBS since 2008, at which time he joined from Merrill Lynch, according to Finra records.
A spokesman for Merrill Lynch and a spokeswoman for UBS confirmed the departures but declined to comment further.
(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 Corrie Driebusch at [email protected]
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