A Wells Fargo team has left to join an elite Merrill Lynch unit, according to the firm.

One of the advisers, Tim Chapman, previously oversaw more than $820 million in client assets, according to a 2013 Barron's list of top advisers in Oregon. A Merrill Lynch spokeswoman declined to provide AUM or production for the team.

Bloomberg News

Chapman and Paul Wargnier were previously affiliated with Wells Fargo Private Bank. Last month, they joined Merrill's Private Banking & Investment Group, which serves ultrawealthy clients, in Portland, Oregon, where the elite brokerage unit recently opened a new office, according to the firm.

Chapman had been with Wells Fargo since 2009, according to FINRA BrokerCheck records. His move to Merrill Lynch is somewhat of a reunion. Prior to his move to Wells Fargo, Chapman worked at Bank of America.

Wargnier previously served as a senior investment manager at Wells Fargo, according to his LinkedIn profile. He has more than 30 years of industry experience, having previously worked at Union Bank of Switzerland and Alex Brown, according to Merrill Lynch.

This is the second time this month that Merrill Lynch has announced new hires from Wells Fargo. Wealth manager Aaron Dykas, who oversaw $185 million in client assets, moved to Merrill Lynch's office in Boise, Idaho, the firm said.

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