Wells Fargo Advisors has scooped up an $830 million Morgan Stanley Wealth Management duo as part of a round of late summer hires, according to spokeswoman Emily Acquisto.
The firm picked up the team of William Peragine and John Biondo, who joined Wells Fargo Advisor's Melville, NY, branch on September 10, Ms. Acquisto.
They are the
latest in a series of hires Wells Fargo has made from rival wirehouses, particularly Morgan Stanley and UBS Wealth Management Americas. By the end of August, Wells Fargo had brought in nearly $1.5 billion in recruited assets from Morgan Stanley alone during the summer months.
The firm also
recently added another 11 advisers in California, most of whom came from UBS.
Mr. Peragine had been with Morgan Stanley since 2007, according to registration records with the Financial Industry Regulatory Authority Inc. He had been with UBS before that and began his career in 1988 at Dean Witter Reynolds Inc., which was later acquired by Morgan Stanley.
Mr. Biondo's had also been with Morgan Stanley since 2007 and started his career in 1988 at a now defunct broker-dealer, according to registration records.
A Morgan Stanley spokeswoman, Christine Jockle, did not immediately respond to an emailed request for comment.
Wells Fargo announced it also added a $140 million adviser Lee Dubinsky, who also joined in Melville, NY. Mr. Dubinsky was previously with UBS and joined on September 12, according to Ms. Acquisto.
In Woodland Hills, Calif., Wells Fargo added another $259 million team, the Boatwright Diamond Wealth Management Group, of William Boatwright and Craig Diamond, who also come from UBS.
Two other former UBS advisers, Jon Miller and Doug Kunzman, joined Wells Fargo in Lincoln, Neb., after previously managing $151 million in client assets, combined, at UBS, according to Ms. Acquisto.
UBS does not comment on personnel moves, according to spokesman Gregg Rosenberg.
