Merrill Lynch loses two advisers with combined $2.1 billion in California

One goes to Stifel, the other to UBS. Both had ties to Merrill's elite private banking and investment group that serves ultra-wealthy clients.
JAN 15, 2015
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.

Latest News

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

'We are monitoring the situation,' SEC says of private funds
'We are monitoring the situation,' SEC says of private funds

New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline