ON THE MOVE-Wells Fargo Advisors hires two advisers from Morgan Stanley

Wed Apr 1, 2015 3:47pm EDT
 
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April 1 (Reuters) - Wells Fargo Advisors, a subsidiary of U.S. mortgage lender Wells Fargo & Co, said it hired two financial advisers from Morgan Stanley.

Daniel Avan and Aland Shapiro, part of the Avan Shapiro Group, managed more than $199 million in combined assets at Morgan Stanley. They joined Wells Fargo Advisors in Carlsbad, California.

The brokerage also hired adviser Raymond Palmer from Stifel Nicolaus & Co, where he managed more than $148 million in assets.

Wells Fargo Advisors also said Michael Berlin and Scott Richman have joined from RBC Capital Markets, where they managed more than $138 million in assets.

Wells Fargo Advisors is the second-largest brokerage in the United States employing 15,187 advisers as of Dec. 31.

Morgan Stanley and RBC confirmed the departures, while Stifel refused to confirm or deny the move.

(Reporting by Avik Das in Bengaluru)