Short Takes: Mellon Hires Ex-Broker For Calif. Private Clients

Wells Fargo & Co. has tapped a former broker to head its two private client offices in Beverly Hills and Brentwood, Calif.

Mark Tobin, most recently with Oppenheimer & Co. in Los Angeles, has joined Wells as a regional manager overseeing trust, private banking, investment management, and related securities business in the two offices, Wells said Tuesday.

The San Francisco-based bank also hired six new vice presidents in San Diego to work for regional manager Jim Cimino. They include sales manager Robert Lakosil from Prudential Securities; John Gailey, also from Prudential; and three former second vice presidents from Salomon Smith Barney.

They are Peter Chiang, David Galluccio, and John Vreeburg. Wells also hired an estate and tax planning attorney for its San Diego office, Adam Ratner.

The hirings are in keeping with a plan by executive vice president Dennis Mooradian to provide full-service brokerage services alongside private banking and investments. Like his new hires, Mr. Mooradian himself comes from a Wall Street firm, Lehman Brothers.

Wells manages $23 billion of assets for wealthy individuals in its private clients services division. The remainder of the $56 billion of assets invested by Wells is in mutual funds or institutional accounts.

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