Merrill pair in Silicon Valley and Wells team in San Francisco were each overseeing about $300 million of customer assets before moving on Friday.
Bank says it expects to retain just $2 billion of the $16 billion managed by flagship wealth team that broker away last month, but will gain relief from reduced compensation costs.
Former Merrill Lynch brokers who sold their RIA business to First Republic for $125 million six-and-a-half years ago split on Friday to form two separate advisory firms.
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Arif Ahmed, a top new-money generator at Merrill’s private wealth (PBIG) unit, led his Silicon Valley-based team to San Francisco bank on Friday.
Century City manager who spent her career with UBS will manage southern California region for expanding San Francisco bank, while veterans from Merrill and Credit Suisse move to J.P. Morgan in Dallas.
Lee, who has spent almost a decade apiece at Merrill Lynch, Smith Barney and J.P. Morgan, will be New York business leader for the San Francisco-based bank’s expanding East Coast wealth management activities.
Long-time partners George Fuchs and David Schulman, who have worked together since the late 1990s at Dean Witter and Smith Barney, had been serving clients with $1.5 billion at Wells Fargo.