A team of Bank of America Merrill Lynch advisors with a combined $1 billion in assets has left the company to join Morgan Stanley Smith Barney, media reports said.

The five-person team, led by Harvey Kadden, resigned this week, bringing with them $14 million in yearly fees and commissions. The four other members are Mihir Patel, Randy Knopp, Tim Baker and Chris Barber. Kadden is a 30-year veteran at Merrill Lynch and was a member of the Circle of Champions, the highest financial advisor recognition club at the firm. Patel and Knopp were also Circle of Champions members and served as managing directors, while Baker was on the taxable-fixed-income desk before joining the group. Barber has been with ML since 2008. 

The team will be based at MSSB's Midtown Manhattan office and report directly to Ben Firestein, the complex manager.

Merrill Lynch also recently announced that another team of wealth advisors have joined from Morgan Stanley Smith Barney, consisting of Jeffrey Dinkins, William McGrath, Peter Ianace, Rohit Mehrotra and Jason Jaynes. This team reportedly generated $4.4 million in production in the past year and managed $478 million in assets.