STREET MOVES: Merrill Lynch Hires Wells Fargo Duo

08/20/2012| 06:20pm US/Eastern

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   By Corrie Driebusch 
 

Bank of America Corp.'s (>> Bank of America Corp) Merrill Lynch Wealth Management's Private Banking and Investment Group has added Westcott Jones and Scott Vogel from Wells Fargo & Co.'s (>> Wells Fargo & Company) ultra-high-net-worth Abbott Downing.

Last month the pair joined the company in Wayzata, Minn. While at Wells Fargo, the two had direct responsibility for more than $1 billion in client assets.

The duo have joined the Merrill Lynch team Swenson & Associates, which will now be called Swenson Jones & Associates.

The duo were part of the ultra-high-net worth Abbott Downing team, a part of Wells Fargo's Wealth, Brokerage and Retirement group. They worked out of the team's Minneapolis office.

Previously both men were with Wells's Lowry Hill Investment Advisors Inc., with Mr. Jones with Lowry Hill since 1997, according to regulatory records. Lowry Hill was rebooted along with Wells Fargo Family Wealth as Abbott Downing in the past year.

While at Wells Fargo, Mr. Vogel was a portfolio manager. He is finishing up his licensing and will be registered as a Private Wealth Advisor at Merrill Lynch by the end of this month.

A spokeswoman for Wells Fargo confirmed Mr. Jones and Mr. Vogel left the firm but declined to comment further.

(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 corrie.driebusch@dowjones.com

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