Jay Murphy, who managed $325 million at the Alex. Brown division of Raymond James, has joined the Boston office of B. Riley Wealth as a senior managing director of investments.
B. Riley Wealth is a subsidiary of B. Riley Financial (RILY).
Murphy has extensive experience writing investment policies and in advising, constructing, and monitoring multi-manager portfolios for wealthy families, fiduciaries, retirement plans, and foundations, B. Riley said in a press release Monday. In addition to investment advisory and management, Murphy works with private institutional clients on private equity and real estate investment solutions.
Murphy's addition coincides with the branch's recent relocation to Boston's financial district.
Murphy had been with Alex. Brown for 11 years. He started his career in 1979 at Merrill Lynch and has spent time at several large firms including Bear Stearns, Donaldson Lufkin Jenrette and Credit Suisse.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
