By Michael Wursthorn
Bank of America Corp.'s brokerage arm recently added five new
financial advisers.
The bank said its Merrill Lynch unit hired Heath McGallion,
Christopher Davis, Stan Davis and Hugh Hawkins from UBS AG's
U.S.-based brokerage arm. Together, they had $395 million in assets
under management and generated $3.87 million in fees and
commissions while at UBS.
In addition, Merrill Lynch also hired Mario Fratto from Citi
Personal Wealth Management, where he had worked for 14 years and
managed $153 million in client assets.
Mr. Fratto joined Merrill's New York office in Rockefeller
Center, while its other hires moved to the firm's Beaumont, Texas,
branch. They all started last week.
For Mr. McGallion, Christopher Davis and Stan Davis, the move is
a homecoming of sorts. Prior to joining UBS in 2008, Mr. McGallion
worked for five years at Merrill Lynch, according to the Financial
Industry Regulatory Authority's BrokerCheck database. Christopher
Davis and Stan Davis, who both also started at UBS in 2008,
previously worked for Merrill Lynch. Stan Davis had been there
since 1984, while Christopher Davis worked there for five years
beginning in 2003, BrokerCheck records showed.
Mr. Hawkins, a five-year UBS employee, previously worked at
Smith Barney Inc.
A UBS spokesman declined to comment on the departures, while a
Citi representative didn't immediately respond to a request for
comment.
(Street Moves chronicles the migration of executives on Wall
Street, with a particular emphasis on financial advisers with more
than $1 million in annual production and those who manage more than
$100 million in client assets. Michael Wursthorn can be reached at
212-416-2218 or at michael.wursthorn@wsj.com.)
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