Former Merrill Lynch brokers who sold their RIA business to First Republic for $125 million six-and-a-half years ago split on Friday to form two separate advisory firms.
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Arif Ahmed, a top new-money generator at Merrill’s private wealth (PBIG) unit, led his Silicon Valley-based team to San Francisco bank on Friday.
Century City manager who spent her career with UBS will manage southern California region for expanding San Francisco bank, while veterans from Merrill and Credit Suisse move to J.P. Morgan in Dallas.
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.