$850M adviser leaves Morgan Stanley for Merrill Lynch

Merrill Lynch picked up an adviser managing $850 million in client assets from Morgan Stanley, a spokeswoman said.

Adviser Adam Schur joined Merrill in White Plains, New York. He generated $2 million in annual revenues, according to the wirehouse.

A Morgan Stanley spokeswoman confirmed the departure and declined to comment further.

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Schur is an industry veteran with more than two decades of experience, according to FINRA BrokerCheck records. He had worked at Morgan since 2008. Previously, he was an adviser with UBS.

He made the move to Merrill because of its technology, trust offerings and lending solutions, according to a statement.

He is Merrill Lynch's latest hiring announcement. The wirehouse also announced this week it hired a former UBS team that generated $4.5 million in revenues. Advisers Roger Berry, Felix Erbring and Ted Gray joined Merrill Lynch’s elite Private Banking & Investment Group in Austin, where they serve ultrawealthy clients.

Merrill has more than 14,600 advisers and $2.1 trillion in client balances.