Lee, who has spent almost a decade apiece at Merrill Lynch, Smith Barney and J.P. Morgan, will be New York business leader for the San Francisco-based bank’s expanding East Coast wealth management activities.
Long-time partners George Fuchs and David Schulman, who have worked together since the late 1990s at Dean Witter and Smith Barney, had been serving clients with $1.5 billion at Wells Fargo.
Broker with $2 million in production is second big wirehouse hire in a week to join the San Francisco-based bank.
San Francisco-based bank’s aggressive recruiting of wirehouse advisors helped fuel jump in wealth management assets last year.
Arbitrators also order bank to forgive New York broker’s promissory note and change wording on regulatory filings to show that it unjustly fired him.
Broker had produced around $1.5 million at a Merrill branch in Napa, according to a source familiar with the move.
Broker, who sources said managed around $2 billion, is the latest in wave of departures from the Swiss bank’s U.S. broker-dealer.
As a team producing $7 million leaves for independence, the Thundering Herd licks wounds by welcoming back an analyst who had bolted in April with a monster PBIG team.
Beantown broker had spent all of his 26-year career with Merrill and had over $4 million in production.
First Republic’s burgeoning private wealth management operation on Friday recruited a multi-million-dollar pair of advisers from investment bank Jefferies’ small wealth unit.
Days after Merrill boasted of record-low attrition, 34-year veteran James Atwood led his 15-person Private Banking and Investment Group team to the bank that Merrill once owned.