Eight-person team managing $930 million leaves Merrill Lynch

An eight-person team managing $930 million in assets at Merrill Lynch in Wilmington, Del., has left the firm to form Wyeth Private Wealth, a hybrid wealth manager based in Chadds Ford, Pa. The team, which has affiliated with Dynasty Partners, is led by Michael Henley, 34, who was with Merrill for 10 years. (More: Dynasty creates unit to help large RIAs improve operations)​ Six of the eight team members are in their early to mid-30s. Among the firm's clients are many DuPont retirees, Dynasty said in a release. Because the team members are passionate about their Brandywine Valley community, they chose the name "Wyeth" to reflect the area's historical and artistic heritage, according to the release. Andrew Wyeth, the 20th century painter, was a resident of Chadds Ford. (More: Merrill Lynch: Compensation plan paying off in new business)​