Bank of America Corp.'s Merrill Lynch Wealth Management unit recently hired Matt Burton and John Cate, a team of financial advisors, from brokerage joint venture Morgan Stanley Smith Barney.
On Friday, Burton and Cate joined Merrill Lynch's Indianapolis office. Together, the team generated $4.6 million in fees and commissions and managed $348 million in client assets, according to a Bank of America spokeswoman.
Before joining Merrill Lynch, Burton and Cate worked at Morgan Stanley for eight years and remained at the joint venture with Citigroup Inc.'s legacy Smith Barney brokerage for roughly two years, according to Financial Industry Regulatory Authority records.
A Morgan Stanley spokeswoman confirmed the team's departure from the firm, but disputed the team's production figures.
Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.