Wells Fargo Advisors (WFC) said Tuesday that it hired four advisors from Bank of America-Merrill Lynch (BAC) and one from UBS (UBS). This announcement came one day after reports that Merrill’s non-U.S. wealth-management business could be sold to Julius Baer and that BofA was cutting some management jobs at its U.S. Trust unit.
Formerly with Merrill, the Landsberg Bennett Private Wealth Management Group is joining Wells’ independent channels—Wells Fargo Advisors Financial Network, or FiNet—in Punta Gorda, Fla.
The group includes Michael Landsberg, Lewis Bennett and Anthony Dubbaneh, who have combined yearly fees and commissions of $4.2 million and combined assets under management of $493 million.
Salim Kimiagar of Woodland Hills, Calif., left Merrill with about $178 million in AUM and 22 years of experience to join Wells’ Private Client Group.
Wells Fargo also said on Tuesday that Bruce Davidson moved to its Wealth Brokerage Services Group (the channel for advisors operating in bank branches) from UBS with about $1.1 million in annual production, $178 million in assets and 22 years of experience. He will be based in Boise, Idaho.