Veteran financial adviser Ash Chopra, whose Merrill Lynch team managed $4.5 billion in San Francisco, has left the firm and launched Syon Capital, a registered investment adviser, which will use the custodian services of Charles Schwab & Co.
Most of the 10 professionals joining Chopra in the move were team members at Merrill, Syon said in a press release Thursday. Chopra had been with Merrill for 18 years.
“Within a wirehouse, our ability to brand ourselves as a multi-family office, and serve our clients as fiduciaries, was restricted,” Chopra, chief executive officer of Syon, said in the release. “As an independent organization, our family office model will enable us to serve our clients free from the constraints of a broker/dealer model.”
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
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