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Ameriprise grabs $229M advisors from Wells and Morgan Stanley

Ameriprise is on a recruiting roll and looking to its wirehouse competitors for new hires.

In recent weeks, the Minneapolis-based firm has recruited a Wells Fargo advisor managing $232 million and a Merrill Lynch father-daughter team managing $100 million in client assets.

The latest advisors to jump ship and head to Ameriprise come from Wells Fargo and Morgan Stanley.

David Kutz, an advisor in Scottsdale, Arizona, is joining Ameriprise’s employee channel. He had approximately $123 million in AUM during his time at Wells Fargo, according to Ameriprise. Kutz was at Wells Fargo for 11 years before joining the regional BD, according to FINRA BrokerCheck. Prior to that, he spent 15 years at Citigroup. Joining Kutz is client service associate John Santillo.

David Kutz and John Santillo December 13, 2018

"My partner and I feel we are able to do more for our clients here at Ameriprise, and we are excited about the opportunity to grow our practice,” Kutz said in a statement. “The financial planning tools and advanced technology will help us do so."

A spokeswoman at Wells Fargo declined to comment.

Also joining the employee channel at Ameriprise is Rick Mundrane, who managed $106 million at Morgan Stanley before his move. Before departing for the regional BD, Mundrane worked at Morgan Stanley for nine years. He has prior experience at Citigroup and Merrill Lynch, according to FINRA BrokerCheck.

“As a former military officer, working for a firm with a strong reputation for its commitment to clients is very important to me,” Mundrane said in a statement.

A spokeswoman at Morgan Stanley declined to comment.

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