Morgan Stanley recruits $602M team from Merrill Lynch

Morgan Stanley scored a big recruiting hire, marking it as one of its largest announced hires in recent months.

The wirehouse picked up a Merrill Lynch team that oversaw $602 million in client assets, according to a spokeswoman. The team previously generated over $4.5 million in annual revenues.

Elizabeth W. Maringer

Advisers W. Troy Neat, Jason Redpath and Steven Spaeth joined Morgan Stanley in Kenwood, Ohio, a suburb of Cincinnati and operate as NRS Wealth Management.

Neat was a Merrill veteran, having started his career at the wirehouse in 1994, according to FINRA BrokerCheck records. Redpath also started his career at Merrill, in 2001.

• Raymond James Financial
• Wells Fargo
• UBS Wealth Management
• Career moves
• Morgan Stanley
• UBS
• Morgan Stanley Wealth Management
• Merrill Lynch
• Recruiting
• Wells Fargo Advisors

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Spaeth began his career at Stifel in 1994, per BrokerCheck records. He then worked at Merrill from 1995 to 1999, leaving to do a stint at the Concord Equity Group, and then returning to the wirehouse in 2005.

Also moving with the team are Senior Registered Associates Kristi McClure and Jennifer Thompson and Financial Advisor Associates Monica Miller and Jack Skidmore.

A spokeswoman for Merrill Lynch was unavailable for immediate comment.

Last month, Morgan lured back an adviser who had departed the wirehouse four months earlier for Merrill Lynch. Brad Weinman rejoined Morgan in Palm Beach, Florida. He had quit the firm in September to work at Merrill, which said at the time that he oversaw $240 million in client assets.