Merrill Lynch Wealth Management has snapped up a Morgan Stanley advisor team managing about $2.5 billion in client assets to its Private Banking and Investments Group.

The team is led by Rebecca Rothstein, and includes 11 other members, who have been based out of Merrill Lynch’s Beverly Hills, Calif., office since Oct. 19.

Rothstein and her team, which has been together for 17 years, join Merrill Lynch after serving at Morgan Stanley since 1999 and Alex, Brown & Sons before that for 10 years.

Rothstein’s team focuses on financial, estate and tax planning, and mostly target clients working in entertainment and real estate. Rothstein also focuses on corporate officers and directors, including ways of enhancing diversification and liquidity in concentrated positions.

Rothstein now serves as managing director and private wealth advisor at Merrill Lynch. Her 11-member team also includes Mark Varo, managing director and partner, and two of her sons, David and Evan Rothstein.

Merrill Lynch’s Private Banking and Investments Group, or PBIG, is part of the firm’s Global Wealth & Investment Management division. Its services include business liquidity transactions, concentrated and restricted stock management, intergenerational wealth transfer, investment management and private business sales.

Morgan Stanley reported last week that its number of global representatives in wealth management slipped by 105 to 16,829 in the third quarter. By contrast, Merrill Lynch reported in its quarterly earnings that its advisor force stood at 16,076, not including its financial solutions advisors within Merrill Edge, after losing 75 advisors.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access