Longtime Merrill Recruiter Jason Rich to Join Rockefeller Capital
Rockefeller Capital Management has poached Jason Rich, a 14-year Merrill Lynch veteran who formerly ran recruiting, to fortify its efforts to build a wealth management business with the help of experienced wirehouse brokers.
Rich, who began a 60-day “garden leave” from Merrill last week, will join Rockefeller’s wealth unit in New York City in late April, he said, declining further comment.
He will join a growing number of former Merrill and Morgan Stanley executives and managers at Rockefeller, which is led by former Merrill president and Morgan Stanley wealth head Greg Fleming. The recapitalized multi-family office of the Rockefellers has in the last three months lured three multi-million-dollar teams from Merrill and UBS, after Fleming earlier laid the groundwork by hiring a coterie of Morgan Stanley operational chiefs and field executives, including the firm’s Southeast private banking head Michael Outlaw.
Rich most recently was recruiting manager for Merrill’s “community markets” initiative that aims to develop the Bank of America wealth profile in some 100 regions far from branches of its parent company. Merrill in February reorganized management of its training program and appointed an interim head of community markets after the departure of another veteran manager, Ben Prince.
A spokesman for Merrill said the firm is seeking a replacement for Rich in community markets.
Rich declined to discuss his role at Rockefeller, but two sources said he will be head of “advisor strategy and transitions,” reporting to Chris Dupuy, the firm’s chief operating officer for wealth management. Dupuy, a 26-year Merrill veteran, left the firm as head of its Pacific Northwest division in 2014 for a stint with Focus Financial Partners before joining Rockefeller last August.
On Monday, Rockefeller announced that Joe Ferlisi, another Merrill and Morgan Stanley alumnus, will be joining the wealth unit as chief information officer. His 17-year Merrill career included a posting as chief technology officer of Bank of America’s Merrill Edge discount brokerage unit. From 2013 to 2016, he took a hiatus from Merrill and was chief technology officer of Morgan Stanley’s “field” of 16,000 brokers under Fleming.
A former accountant with Deloitte, Rich joined Merrill in 1998, serving in a succession of finance and administration roles before leaving in 2009 to run practice management and sales in Credit Suisse Private Banking USA’ southeast region, according to his LinkedIn profile. He returned to Merrill in a senior recruiting role in 2012.