Merrill reels in $3 billion team

Two advisers reunite after worked together at Alex. Brown before splitting

May 1, 2014 @ 11:52 am

By Mason Braswell

Bank of America Merrill Lynch hauled in $3 billion in assets from two advisers working at competitors UBS Wealth Management and Deutsche Bank Securities Inc.

The two, Howard Rowen and Halsey Smith, join Merrill Lynch's private banking and investment group, which has around 150 adviser teams that cater to clients with $10 million or more in investible assets.

(See also: Wirehouses warm to bank channel recruits)

Mr. Rowen and Mr. Smith join as a team operating in the Los Angeles office. Both had spent time working together at Alex. Brown & Sons Inc., which was bought by Deutsche Bank in 1999.

Mr. Rowen moved to UBS in 2007, according to registration records with the Financial Industry Regulatory Authority Inc.

Bank of America spokeswoman Ana Katherine Sollitto did not provide individual revenue or production numbers but said that both advisers had generated well over $1 million in fees and commissions in the previous 12 months at their prior firms.

They will report to Michael Rogers, regional managing director at Merrill Lynch's PBIG group.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

How 401(k) advisers can use 'centers of influence' to grow their business

Leveraging relationships with accounting, benefits, and property and casualty insurance firms can help deliver new business leads for retirement plan advisers.

Latest news & opinion

UBS continues to cut loans to recruits, while increasing compensation to brokers

The wirehouse reduced recruitment loans 20% and increased bonus loans 68% in the first quarter.

Things are looking up: IBDs soared in 2017

With revenue up, interest rates rising and regulation easing, IBDs are soaring.

SEC advice rule may give RIAs leg up over broker-dealers

Experts say advisers will be able to point to their role as fiduciaries as a differentiator in the advice market.

Brokers accept proposed SEC rule on who can call themselves an adviser

Some say the rule will clear up investor confusion, but others say the SEC didn't go far enough.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print