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

merrill lynch, recruit, wirehouse, deutsche bank, advisers
+ Zoom
(Bloomberg News)

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

The business case for hiring NextGen talent

Firms hiring nextgen talent have reaped the benefits from greater productivity to revenue growth. Clearly, there's a business case to be made for hiring millennials. Kate Healy of TD Ameritrade breaks it down.

Latest news & opinion

Retirement planning for women

Longer lifespans and lower savings require creative income strategies.

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

Scaramucci is known as an ardent foe of the DOL fiduciary rule, having said during the campaign that Trump would repeal it .

Redoing the math on a 4% retirement withdrawal rate

Given the current interest-rate environment and other factors, advisers disagree about whether the number is too conservative or not conservative enough.

House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

Measure likely to continue in partisan advance in House, but could stall in Senate.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print