Rockefeller Hires 31-Year Merrill Equity Markets Expert
(Adds last paragraph about hire of ESG asset management head.)
Rockefeller Capital Management continues to build its private wealth infrastructure, hiring a veteran member of Merrill Lynch wealth management’s investment committee who worked closely with many of its brokers.
Cheryl Rowan, who had been with Merrill for 31 years, confirmed that she joined Rockefeller last Tuesday after working most recently as a Princeton, N.J.-based model portfolio manager and ambassador to the sales force and the public at her alma mater. She declined to discuss her role but sources said she will supplement an aggressive push to recruit high-producing advisers from larger firms that Rockefeller has embarked on with promises of research support.
Rockefeller, the recently recapitalized private banking arm of the New York industrial and financial dynasty, has been laying the groundwork for building a “multi-family office” servicing the investment, financial planning and investment banking needs of wealthy families nationwide since hiring former Merrill and Morgan Stanley executive Greg Fleming last year.
He has been leaning heavily on strategists and managers from those firms—including Rockefeller Private Wealth President Christopher Randazzo, who was chief information officer of Morgan Stanley’s wealth management business, and Chris Dupuy, a former Merrill division head who is now chief operating officer of the Rockefeller private wealth unit.
The firm has hired six former wirehouse teams to date, but indicated heightened ambitions last week by hiring former Merrill recruiting head Jason Rich in New York and Merrill’s Dallas complex manager Michael Armondo. They supplement the arrival late last year of Michael Outlaw as head of its southeastern U.S. recruiting efforts and of Anthony Grosso to build a San Francisco private wealth presence.
Outlaw in the last three months has hired three teams of brokers in Atlanta from Merrill and UBS.
Rowan is known to many Merrill brokers as the lead author of some of its Equity Income Portfolio reports and strategist on some model portfolios the firm has been encouraging advisers to adopt. Over her career at Merrill, she had been co-head of wealth management strategy, head of research portfolios, senior investment strategist and portfolio strategist, according to her LinkedIn profile.
A Merrill spokesman confirmed her departure.
Rockefeller on Wednesday also announced that it hired a head of environmental, social and governance investments in its asset management unit. Casey Clark, who was most recently director of sustainable and impact investing at Glenmede, will direct ESG investing research and be responsible for “analytical and engagement framework and processes across all Rockefeller Asset Management strategies,” the firm said in a news release. Clark, who had been with Glenmede since 2008, reports to David Harris, chief investment officer and president of the asset management unit.