Merrill taps ex-Bear clearing exec

In a move to strengthen its clearing platform, Merrill Lynch & Co. Inc. of New York has hired one of the heads of the defunct Bear Stearns Cos. Inc.’s former clearing and custody business, John Tyers. Mr. Tyers will join Merrill’s clearing unit, Broadcort of Jersey City, N.J., as president. He was senior managing director and co-head of Bear Stearns’ broker-dealer and investment adviser services. Joe Triarsi, who shared Mr. Tyers’ title and responsibilities at Bear Stearns, is now sole head of the clearing business there. Bear Stearns was a leading player in the clearing and custody business, and last summer reported it had 275 broker-dealer clients in the InvestmentNews listing of clearing firms. Broadcort reported 120 broker-dealer clients. The clearing business group was one of the most valuable assets of Bear Stearns when the firm was acquired last month for bargain basement price of $10 per share by JPMorgan Chase & Co. Many independent-contractor broker-dealer clients who clear and custody with Bear have recently said they would take a wait-and-see attitude to the transition to JPMorgan. At Merrill Lynch, Mr. Tyers will report to Michael Perry, managing director and head of corporate and investment services in the firm’s global wealth management group.