Bank of America (BAC)-Merrill Lynch said Monday that ex-Morgan Stanley advisor Rebecca Rothstein joined the firm.
Rothstein (left), who was with Morgan Stanley for 13 years and with Alex Brown for 10, has come on board as a managing director and private-wealth advisor in Merrill’s Private Banking and Investments Group office in Beverly Hills, Calif.
The team includes five advisors and six other staff members. It manages about $2.5 billion in assets.
According to BofA, Rothstein cited the “broad lending platform and the strong capabilities of its private banking group as the reasons she joined the firm, noting strong client demand for these offerings.”
In late August, Rothstein was reportedly in contact with Morgan Stanley CEO James Gorman about a list of grievances affecting some 40 advisors at Morgan Stanley Smith Barney, now Morgan Stanley Wealth Management, according to a Reuters news story. The list included technology issues affecting trading, account statements and other problems, which the advisors considered serious enough to prompt them to consider leaving the firm.