Merrill Lynch on Thursday landed a group overseeing $13 billion in belongings in Boston because the competitors for institutional consulting teams intensifies.
The group is led by advisors Alfred J. Hammond, Matthew P. McLaughlin, Anthony F. Mancini, Peter J. Ciovacco, Scott Okay. Tobey and Michael W. Egan, a Merrill spokesperson confirmed. Their observe, which incorporates eight assist workers, joined Merrill’s non-public wealth unit for upper-echelon and institutional shoppers.
“Merrill’s mixture of industry-leading wealth administration capabilities, Office Profit options, and the sources of Financial institution of America continues to resonate with extremely profitable groups, and we’re excited to welcome this excellent group,” said Greg McGauley, who has led Merrill’s Non-public Wealth Administration, Worldwide and Institutional items since 2023.
A spokesperson for Morgan Stanley didn’t instantly reply to a request for remark.
The group at Morgan Stanley had been primarily based out of its Boston North Shore workplace in Middleton, Massachusetts. Its Graystone Consulting enterprise oversees $747.1 billion in institutional belongings, as of December 2024, in keeping with its web site.
The Graystone Group, which Morgan Stanley inherited by its buy of Smith Barney, advises pensions, nonprofits, unions, well being plans and household places of work on funding methods. Companies have been taking a contemporary have a look at their company companies from retirement plan recommendation to inventory plan administration as a gateway to executives and different particular person wealth prospects.
Members of the group didn’t reply to requests for remark despatched by social media.
Hammond, McLaughlin and Ciovacco all joined Morgan Stanley by Smith Barney in 2009 after working at UBS Wealth Administration USA, in keeping with BrokerCheck. Hammond first registered with Merrill in 1991, McLaughlin began with Smith Barney in 1994 and Ciovacco began at Constancy Investments in 2002.
Mancini obtained his begin with AllianceBernstein in 2008 after working in gross sales and consulting and as a lawyer, in keeping with BrokerCheck and LinkedIn. He joined Morgan Stanley in 2012. Tobey began 13 years in the past with Fundquest and joined Morgan Stanley in 2021 from Goldman Sachs. Egan began his profession with Morgan Stanley 9 years in the past.
Institutional groups have additionally traditionally drawn much less recruiting consideration as a result of their consumer relationships are sometimes considered as being intently tied to the agency and fewer moveable.
One Merrill institutional group with $129 billion in belongings examined that assumption after leaving in October to start out an RIA, OpenArc. Six months after the transfer, which additionally sparked a raiding lawsuit, the group mentioned it had transferred round $10 billion in belongings, most of which was tied to particular person accounts.
Merrill lately additionally sought to reinvigorate its veteran dealer recruiting efforts and earlier this month reeled in a Morgan Stanley lifer managing $1.5 billion in Colorado. In June, it landed a UBS group with $460 million in belongings in Tennessee.