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Ameriprise entices $239M team from Wells Fargo

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Ameriprise lured away a team managing $239 million in client assets from Wells Fargo Advisors, a spokeswoman said.

Advisers Thomas Hughes and Bill Steele joined Ameriprise's employee channel March 17, according to FINRA BrokerCheck records. Hughes operates from Southlake, Texas, while Steele works from Dallas. Their complex director is Jeff Bouchard, according to Ameriprise.

"Our team chose Ameriprise Financial for their strength and safety, particularly through periods of change like we're in now. We wanted to join a growing firm whose core focus is investment planning and management," Hughes said in a statement.

Hughes had been with Wells Fargo since 2003, according to FINRA BrokerCheck records. He started his career at PaineWebber in 1998.

Steele has been an adviser since 1990, according to FINRA BrokerCheck records. He started his career at Fidelity, later worked at Morgan Stanley and transitioned to Wells Fargo in 2004. Their team also includes Wendy Hosner, a registered client service associate.

A spokeswoman for Wells Fargo was not available for immediate comment.

Ameriprise has recently recruited several wirehouse teams, including a Merrill Lynch group that oversaw $333 million in client assets. Advisers Jordan Plaster, Clark Scarvey and Harry Shumaker joined a new Ameriprise branch office last month in Tuscaloosa, Alabama.

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