Bank of American Merrill Lynch (BAC) and Wells Fargo Advisors (WFC) say they recruited some high-producing advisors and teams recently from Wall Street rivals.
On Thursday, Merrill Lynch’s Private Banking & Investment Group shared the news that it added Howard Rowen from UBS Financial Services (UBS) and Halsey Smith from Deutsche Bank Securities in Los Angeles last month.
The two reps, who have formed a team, have a total of about $3 billion in assets under management. They will work in Merrill’s Century Park office.
Rowen started in the business in 1991 at Lehman Brothers. He was with Alex. Brown/DBS from 1993 to 2007, before joining UBS. Smith began work at Morgan Stanley (MS) in 1989. He joined Alex. Brown in ’89 and remained with the group through its merger with DBS.
Wells Fargo Recruits
WFA said Thursday that it recently hired five advisors, all of whom produce more than $1 million in yearly fees and commissions.