Private Wealth group advisors, led by a pair of 30-year Merrill veteran, are relocating to Palm Beach, Fla., from Chicago.
Paramus team opened West Coast bank’s first wealth branch in the Garden State on Friday, the same day UBS hired a $1-million, 29-year industry veteran in Ohio from Morgan Stanley.
Merrill pair in Silicon Valley and Wells team in San Francisco were each overseeing about $300 million of customer assets before moving on Friday.
Bank says it expects to retain just $2 billion of the $16 billion managed by flagship wealth team that broker away last month, but will gain relief from reduced compensation costs.
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.