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Merrill Lynch adds private wealth team from Wells
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)

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