August 20, 2012 / 10:30 PM / 5 years ago

Merrill Lynch adds private wealth team from Wells

Aug 20 (Reuters) - Bank of America's Merrill Lynch (BAC.N) has hired two veteran private wealth advisers from Wells Fargo & Co (WFC.N). The pair, Westcott Jones and Scott Vogel, oversaw more than $1 billion in client assets for Wells Fargo's Abbot Downing family wealth business.

Jones and Vogel, who joined Merrill Lynch's private banking and investment group in late July, had been a part of Lowry Hill, a boutique wealth management firm that merged with Wells Fargo's family wealth business in April to form Abbot Downing. Lowry Hill had previously been a separate subsidiary of Wells.

The two advisers, based in Wayzata, Minnesota, joined the team of Swenson Jones & Associates, a part of Merrill Lynch's private banking and investment group, which, like Abbot Downing, caters to ultra-high-net-worth clients. Merrill's private banking division also recently added advisers Matthew Celenza and Lawrence DiGioia from Barclays in Los Angeles. [ID:nL2E8IV6MC]

A spokeswoman for Wells Fargo's Abbot Downing declined to comment on the departures.

(Reporting by Ashley Lau in New York)

((Ashley.Lau@thomsonreuters.com)(+1 646 223 5964)(Reuters Messaging: ashley.lau.reuters.com@reuters.net)) Keywords: MERRILL LYNCH/

C Reuters 2012. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing, or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below