$1.2 billon adviser team leaves Morgan Stanley for Bank of America Merrill Lynch

The group is led by Andrew Zimmerman, who's making a return to Merrill
JUL 07, 2016
A $1.2 billion team of advisers led by Andrew Zimmerman has left Morgan Stanley for Merrill Lynch, marking a return to the brokerage firm Mr. Zimmerman worked for before it was owned by Bank of America Corp. Mr. Zimmerman rejoined Merrill Lynch in Boston in early May, taking with him Edward Nabhan, his son Alexander Nabhan, Megan Cooney and James McIntyre. The team manages about $1.2 billion in client assets. “Through Andy's past experience as an adviser at Merrill, they knew that the best place for them was here,” Chris Bettencourt, Merrill's market executive for the Boston Financial Center, said in a statement Wednesday. (Related: See details on other recent moves in the Advisers on the Move database) Mr. Zimmerman worked for Merrill from February 1990 to January 2008, when he joined Morgan Stanley, according to the Financial Industry Regulatory Authority's BrokerCheck. Bank of America acquired Merrill Lynch in January 2009, about three months after the collapse of Lehman Brothers Holdings Inc. deepened the worst recession since the Great Depression. Bank of America agreed to the deal in September 2008 as Wall Street was reeling from the financial crisis. Christine Jockle, a spokeswoman for Morgan Stanley, declined to comment on the team's departure.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.