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Merrill Lynch nets $300M team from Morgan Stanley

Merrill Lynch lured over a Morgan Stanley team that managed $300 million in client assets, according to a spokeswoman.

The team, which made the move this week, is the latest high-profile hire at Merrill Lynch. The wirehouse recently said it intended to reduce its recruiting of experienced advisers, but made an exception for talks with potential recruits that started prior to June 1.

The firm's newest hires, Will Sahlman and Greg Jones, joined its Rockefeller Center office in New York.

Sahlman and Jones have worked together for 15 years, and serve high-net-worth families, foundations and trusts, according to Merrill Lynch.

They worked at Morgan Stanley since 2008, and before that they were at Lehman Brothers, according to FINRA BrokerCheck records.

Though the wirehouse notched impressive wins, Merrill wasn't the only firm to land elite recruits recently.
June 12

Entrance Bank of America Merrill Lynch Financial Centre in London on October 9, 2014 BLOOMBERG NEWS
A sign sits on a wall outside the King Edward Street entrance to the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg

Also moving with the team is client associate Tom Stack.

A Morgan Stanley spokeswoman was unavailable for immediate comment.

In addition to Merrill, Morgan Stanley and UBS have also retrenched from recruiting. Wells Fargo, meanwhile, remains the outlier.

"Attracting the industry’s top talent will always be a priority for Wells Fargo Advisors," a spokeswoman said last month.

She added that the firm had been disciplined in its recruiting strategy, and that adding advisers has helped the wirehouse grow in key markets.

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