By Michael Wursthorn
A big-producing Morgan Stanley team of financial advisers has
joined rival Merrill Lynch.
The J.M. Group, led by adviser John Mirsepahi, started at
Merrill on Thursday in its Rockefeller Center office in New York,
where he and his team are working to transition clients from Morgan
Stanley.
In addition to Mr. Mirsepahi, other members of the J.M. group
joining Merrill include adviser Matthew Cali, investment analyst
Matthew Zamora and client associate Joanne Zaman.
Merrill wouldn't disclose the team's assets under management.
But Mr. Mirsepahi is a perennial on the closely followed Barron's
top adviser rankings, which showed that he managed $2.9 billion in
its most recent rankings. Barron's is published by Dow Jones &
Co., which also publishes The Wall Street Journal.
Last year, the team generated more than $3 million in fees and
commissions.
A Morgan Stanley spokeswoman confirmed the departure but
declined to comment further.
For Mr. Mirsepahi, the move to Merrill is a homecoming of
sorts.
He was a Smith Barney veteran since 2005 who joined Morgan
Stanley through its acquisition of the brokerage from Citigroup
Inc. in 2009. Prior to that, he spent six years as part of
Merrill's so-called Thundering Herd.
Advisers who manage billions of dollars in client assets--like
Mr. Mirsepahi--are highly sought after by the major brokerages.
His practice is focused on providing investment services to
high- and ultrahigh-net-worth clients, a key segment for brokerages
like Merrill, Morgan Stanley and UBS.
Each of those firms has refocused efforts to attract clients
with $10 million or more to invest. A key part of that strategy has
been recruiting teams that cater to these wealthy clients with the
hope that most of the assets follow to the new firm.
(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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