Bank of America Corp.'s Merrill Lynch Wealth Management unit recently hired three financial advisors from rival Morgan Stanley Smith Barney.
On Friday, Michael Khaw and Glenn Samson joined Merrill Lynch in Walnut Creek, Calif. The team together generated $2 million in fees and commissions and managed roughly $200 million in client assets, according to people familiar with the team.
Before joining Merrill Lynch, Khaw worked at Citigroup Inc. for almost four years and remained at the joint venture with Morgan Stanley for nearly two years, according to Financial Industry Regulatory Authority records. Samson spent more than five years at the two firms.
Additionally, Merrill recruited Wayne Achey for its Bethlehem, Pa. office. Achey had $1.3 million in annual production and more than $100 million in assets under management, people familiar with his business said.
He was a 16-year Citigroup veteran and spent nearly two years at Morgan Stanley Smith Barney, regulatory records show.
Merrill Lynch didn't immediately respond to a request for comment. A Morgan Stanley spokeswoman confirmed the advisors had left the firm, but declined further comment.
Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.