It has been a rough week for
Bank of America Merrill Lynch.
Two advisers who formerly managed around $2.1 billion have departed for rival firms in California, according to spokespeople at the recruiting firms. Both had ties to Merrill Lynch's elite private banking and investment group, which comprises around 150 adviser teams serving ultra-wealthy clients.
James Hulburd, who previously managed more than $1.5 billion, jumped to
UBS Wealth Management in Walnut Creek, Calif., according to spokesman Gregg Rosenberg. He joined on Monday and will operate as part of the Golden Gate Group with
UBS adviser Brian Sharpes in
UBS' private wealth unit.
Separately,
Stifel Nicolaus & Co., the broker-dealer subsidiary of
Stifel Financial Corp., announced on Thursday it had hired a 17-year Merrill Lynch veteran John Van Donge. Mr. Van Donge had previously overseen $600 million and had worked for both the traditional wealth management group and the private banking group while at Merrill, according to an announcement from Stifel. He also previously directed the Merrill Lynch office in Century City, Calif.
(More: See all Merrill's departures and additions in IN's
Advisers on the Move database.)
“I never thought I'd leave,” Mr. Van Donge said in an interview. “I just saw a better opportunity for my clients.”
He said his decision to join Stifel was in part influenced by his connection with Michael Sullivan, who helped build Merrill Lynch's private banking and investment group and moved to Stifel last December.
Mr. Van Donge joins after Stifel last month picked up another private banking duo in Rochester, N.Y., of Steven Brown and James Goetz who had managed $2.5 billion at Merrill Lynch before they were terminated in September.
Also this week, a 33-year veteran of Merrill Lynch, Douglas Twohill, who managed some $240 million, jumped to UBS Wealth Management in West Palm Beach, Fla.,
according to Reuters. He was joined by former Merrill colleague Steven Scalici, who managed $103 million.
Bank of America executives had previously questioned Merrill's brokerage chief, John Thiel, over recent attrition,
according to published reports. The firm lost two brokers, Brian and Tim Brice, who had $4.5 billion in assets under management in September to Morgan Stanley.
Merrill Lynch spokeswoman Susan Atran was unable to comment on the moves immediately. Last month, however, the firm
reported it had 14,000 veteran advisers and trainees as of the third quarter, the first consecutive uptick in headcount in several quarters.
Ms. Atran said in a separate announcement Thursday that the firm had hired an adviser with $104 million in assets in Century City, Calif., on Nov. 14. On the same day, another adviser with $83 million joined in Paramus, N.J., and two advisers with more than $200 million in assets joined in Toms River, N.J., she said.
Earlier this month, the firm also picked up two advisers who previously managed a combined $325 million in Alabama and Texas.
