Merrill Lynch team with $700M AUM leaves to launch RIA

An adviser team with $700 million in client assets has left Merrill Lynch to start an independent advisory firm. Ross Fox, Matthew Papazian, Marti Awad and Sarah Keys have launched Cardan Capital Partners in Denver. Cardan is using Dynasty Financial Partners' integrated wealth management services and technology. The firm plans to work with corporate executives, professionals, business owners and entrepreneurs, according to Dynasty. The firm's name refers to a ship's “cardan” suspension, a navigational tool used in sailing to ensure stability in both calm and rough waters, according to Dynasty. A spokesman for Merrill Lynch could not be reached for comment. (More: InvestmentNews' Advisers on the Move database) "The continued evolution of technology and strategic partners in the independent space has made the independent model compelling for our clients and for us," said Mr. Fox. “We have a passion for serving clients both in the state and those who may be at a distance but who have a deep connection with Colorado.” A 33-year industry veteran, Mr. Fox had been with Merrill Lynch since 1987, according to BrokerCheck, where he held various positions such as senior vice president of wealth management. Mr. Papazian began working at Merrill Lynch in 1989, according to Finra records. He had been a senior vice president of wealth management at the wirehouse. Ms. Awad and Ms. Keys, former attorneys, both served as vice presidents of wealth management at Merrill, according to Dynasty. Also joining Cardan Capital as a senior associate is former Merrill vice president Richard Sisung. He began his career almost 50 years ago working in United Bank's trust department in Colorado Springs.