Morgan Stanley hires 8 brokers who managed US$6.5b at Merrill

[NEW YORK] Morgan Stanley, the world's biggest brokerage firm as measured by its army of more than 16,000 brokers, said on Tuesday it poached an elite team of eight brokers from Bank of America Merrill Lynch's Private Banking and Investment Group, where they managed a combined US$6.5 billion in client assets.

Led by Linda Stephans, Kristina Van Liew and Erik Oiler, the group switched firms shortly after the start of the new year, joining Morgan Stanley's Graystone Consulting unit in Chicago, which serves institutional clients.

The Stephans Van Liew and Oiler Group includes Iftikhar Khan, Patricia Zavagnin, Niesha Parekh, Eric Hatch and Alicia Garabedian. They will continue to work with ultra-high net worth individuals and institutional clients such as endowments, foundations and nonprofits, according to a statement from Morgan Stanley.

Merrill Lynch confirmed the advisers left the firm but declined to comment further.

Morgan Stanley employed 16,162 brokers as of Sept. 30.

REUTERS