Morgan Stanley adds Merrill team managing $5.9 billion

The Barnett, Coon, Armitage, Leach and Moore Group, which managed $5.9 billion, joined Morgan Stanley's Newport Beach, California, office on Tuesday, according to registration records cited by AdvisorHub.

The group is led by Rial A. Barnett, Diane M. Coon, Thomas “Toby” Armitage, Jonathan R. Leach and Ryan C. Moore, according to its Morgan Stanley website. Advisors John Coon and David Henesey and two support staff round out the team, which lists additional offices in Rancho Santa Fe, California, and Red Bank, New Jersey. Financial Advisor IQ reported the move earlier.

For advisors weighing a move, the recruiting-loan figure is the one that sizes the offer. Morgan Stanley's advisor recruiting loan totals are back over the 2017 high-water mark of $5 billion, AdvisorHub reports, which suggests the firm can still fund large upfront packages. Moves Wire has recorded 14 Morgan Stanley moves in the past 12 months, only one of them an arrival.

Barnett started his career at J.W. Grant & Associates in 1988 and moved to Merrill in 2008 after a first stint at Morgan Stanley, according to BrokerCheck data cited by AdvisorHub.

The hire extends a run of Merrill-to-Morgan Stanley moves. Last week, three Merrill advisors and two from RBC Wealth Management-U.S. formed a $3 billion team at Morgan Stanley. The group is anchored by former Merrill Private Wealth advisor Antonio P. daRoza, who had overseen $1.8 billion, AdvisorHub reported.