By Brett Philbin
Wells Fargo Advisors, the brokerage unit of Wells Fargo &
Co. (WFC), recently hired the financial adviser team of Joseph
DiRago and his wife, Penny DiRago, from Morgan Stanley Wealth
Management.
This week, the two brokers joined Wells Fargo's San Antonio,
Texas office, where they report to Hugh Patterson, branch manager.
The team together generated $1.4 million in fees and commissions
over the past 12 months and managed $180 million in client
assets.
Prior to joing Wells Fargo, Joseph and Penny DiRago each worked
at Morgan Stanley for more than six years, according to Financial
Industry Regulatory Authority records.
A Morgan Stanley spokeswoman didn't immediately respond to a
request for comment on the departures.
The new hires at Wells Fargo follow the firm's addition of
another team of million dollar producers--Robert Sackler and Marc
Ackerman--from Morgan Stanley's Beverly Hills, Calif., office last
week. The two brokers had about $4 million in combined annual
production and $500 million in assets under management.
(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 Brett Philbin at brett.philbin@dowjones.com
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