The recruiting wars raged on Tuesday as Merrill Lynch lured a million-dollar producer from Morgan Stanley, and Morgan Stanley, in turn, recruited an adviser from Merrill, plus a team from UBS AG.
The Merrill unit of Bank of America Corp. said it recruited Daniel Honan to its office in Portland, Maine, from Morgan Stanley. Honan, a 24-year veteran, generated about $1.4 million in production on assets under management of $180 million, according to Merrill.
Morgan Stanley snagged a two-person team from UBS — James Dolan and Pamela Bayard, who joined the New York office — and Brandon Oliver, who came over from Merrill to the Hunt Valley, Md., office.
Dolan and Bayard generated $2.1 million in production on assets of $540 million. Meanwhile, Oliver generated fees and commissions of $1.3 million on assets of $90 million.