A team that managed more than $800 million has left Merrill Lynch to join Janney Montgomery Scott, a spokesman said.
The advisers will work from two Janney offices in Connecticut: West Hartford and newly opened Mystic.
Joining the regional firm are Ken Griffen, Paul Vaida, Royden Grimm, Barry Saluk, and Jared Bloxsom. The team, which is called Seaport Wealth Management, serves almost 900 client households.
"For the past few years, my colleagues and I have been searching for ways to turn our business into something that we would proudly call ‘world class.’ As we searched, it became evident that we needed to make a significant change," Vaida said in a statement.
He said the group considered several options and chose Janney in part for the firm's planning and investment capabilities.
President Jerry Lombard welcomed the team in a statement, saying that Janney has become "a destination for advisory teams who want to succeed in a boutique, regional environment."
The group, which reports to George Keith, complex manager, consists of several industry veterans. Griffen started his career at Advest in 1984, according to FINRA BrokerCheck records. He stayed through that firm's acquisition by Merrill.
Vaida, who has nearly 20 years of industry experience, joined Griffen at Advest in 1999, per BrokerCheck records.
Grimm joined Merrill form UBS in 2007. He had been with UBS since 2000. Prior to that he worked at A.G. Edwards where he had spent roughly a decade.
Saluk started his advisory career at PaineWebber in 1987, according to BrokerCheck. He moved to Smith Barney in 1994, where he stayed until joining Merrill Lynch in 2008.
Bloxsom started his career at Advest in 2002. He also stayed through the acquisition by Merrill.
A spokeswoman for Merrill Lynch declined to comment.
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