Morgan Stanley Recruits Merrill Broker Team -- Street Moves
By Corrie Driebusch
Morgan Stanley (MS) has recruited a broker team managing $400 million in client assets from the rival retail brokerage arm of Bank of America Corp. (BAC).
Robert Finan and Anthony LaFonte joined Morgan Stanley Wealth Management's Red Bank, N.J., office last week, the company said. Known as the Finan Group, they come from Bank of America's Merrill Lynch, where their annual production in fees and commissions surpassed $2 million. The two report to complex manager Chris Shaw.
A spokeswoman for Merrill confirmed the departures but declined to comment further.
Mr. Finan has worked for Merrill for more than three decades since joining in 1982, according to Financial Industry Regulatory Authority records. Mr. LaFonte has been working at major brokerages for a decade, including Merrill Lynch and Citigroup Inc., according to regulatory records.
(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.)
Write to Corrie Driebusch at firstname.lastname@example.org
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(END) Dow Jones Newswires 09-19-131712ET Copyright (c) 2013 Dow Jones & Company, Inc.