NEW YORK, Nov 20 (Reuters) - Bank of America’s Merrill Lynch said on Thursday it has hired three advisers away from rival brokerage Morgan Stanley, where they managed a combined $300 million in client assets.
In Toms River, New Jersey, brokers Christopher Carbone and Charles Sergewick joined Merrill Lynch on Nov. 14 from Morgan Stanley, where the pair managed $200 million in assets and generated $2 million in annual fees and commissions.
On the opposite coast, in Century City, California, broker Richard Zinman joined Merrill Lynch also on Nov. 14 from Morgan Stanley’s Beverly Hills office, where he had managed $104 million in assets and produced $1.22 million in fees and revenues.
A spokeswoman for Morgan Stanley confirmed the departures but declined to comment further. Carbone. Sergewick and Zinman were not available for comment.
Morgan Stanley and Merrill Lynch are two of the four largest U.S. securities brokerages, along with Wells Fargo & Co’s Wells Fargo Advisors and UBS AG’s Wealth Management Americas unit. The four brokerages frequently recruit financial advisers from each other. (Reporting by Elizabeth Dilts)