Bank of America (NYSE:BAC)
Historical Stock Chart
5 Years : From May 2011 to May 2016
By Corrie Driebusch
Barclays PLC's (BCS, BARC.LN) U.S. wealth management business has hired 18 investment representatives from brokerage arms of Bank of America Corp. (BAC) and Morgan Stanley (MS) as well as the private banking unit of J.P. Morgan Chase & Co. (JPM).
The new hires at their prior firms had a combined $40 million in production and managed almost $9.4 billion in assets.
The additions highlight Barclays' "continued focus" on expanding its regional presence in the U.S., said Mitch Cox, head of Wealth Management, Americas, in a statement.
Tom Dexter joined Barclays in New York as a director from Merrill Lynch, where he worked with high-net-worth individuals, corporate executives, partnerships and foundations.
Among the other new hires in New York were Brett Fleckman, who joined as a director from J.P. Morgan Private Bank, where he worked with high-net-worth clients, and Mark O'Shea, who joined as an assistant vice president from Morgan Stanley Wealth Management.
In California, Jonathan Bates joined Barclays in Los Angeles from J.P. Morgan, where he specialized in municipal bonds, and Hugh Beecher joined Barclays in San Francisco from Credit Suisse Group's (CS, CSGN.VX) Private Banking division.
In Boston, Barclays hired Patrick Delahunty, Timothy King, Tim Humphrey and Brian Kelly, all from J.P. Morgan Private Bank. Barclays also added three investment representatives in Dallas from Credit Suisse's private banking division.
Other hires were in Atlanta, Miami and Palm Beach, Fla.
The Wealth and Investment Management division of Barclays has 250 investment representatives in 13 offices across the U.S.
Barclays has been ramping up its wealth business in the Americas since it acquired Lehman Brothers Holdings Inc.'s private investment management unit after the collapse of the investment bank in 2008.
(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 who manage more than $100 million in client assets.)
Write to Corrie Driebusch at email@example.com;
Subscribe to WSJ: http://online.wsj.com?mod=djnwires