A Merrill Lynch crew managing almost $6 billion in property left the thundering herd earlier this week to hitch Morgan Stanley in Newport Seaside, California.
The Barnett, Coon, Armitage, Leach and Moore Group, which managed $5.9 billion in property, in keeping with their Morgan Stanley web site, joined the wirehouse on Tuesday, in keeping with registration information.
The crew is led by Rial A. Barnett, Diane M. Coon, Thomas “Toby” Armitage, Jonathan R. Leach and Ryan C. Moore, in keeping with their agency web site. The group additionally contains advisors John Coon and David Henesey in addition to two help workers.
The rent extends a streak of Merrill-to-Morgan Stanley strikes. Final week, three Merrill advisors and two from RBC Wealth Administration-U.S. teamed up at Morgan Stanley to create a crew managing $three billion in property. The group is anchored by former Merrill Non-public Wealth advisor Antonio P. daRoza, who oversaw $1.eight billion.
A Merrill spokesperson additionally didn’t instantly reply to a request for remark. It has additionally snagged a number of massive groups from Morgan Stanley this 12 months. In September, it added a Morgan Stanley non-public wealth crew managing $1.2 billion in Virginia
Members of the Barnett crew, which additionally has places of work in Rancho Santa Fe, California, and Purple Financial institution, New Jersey, didn’t reply to requests for remark.
Barnett began his profession with J.W. Grant & Associates in 1988 and labored at 4 different companies earlier than becoming a member of Morgan Stanley for the primary time in 2002, in keeping with BrokerCheck. He moved to Merrill in 2008.
Coon and Armitage, who’ve 36 and 31 years of expertise, respectively, each joined Merrill in 2002, in keeping with BrokerCheck. Leach received his begin with J.P. Morgan Chase & Co. and in addition labored at Morgan Stanley earlier than shifting to Merrill in 2008. Moore began his profession with the thundering herd in 2006.
Morgan Stanley’s recruiting push has boosted its advisor recruiting mortgage totals again over the 2017 high-water mark of $5 billion.
The transfer was earlier reported by business publication Monetary Advisor IQ.