Merrill Lynch loses big producers to First Republic
First Republic lured away a top adviser and a five-member team from Merrill Lynch in two separate moves, the bank said.
Hank Holland left Merrill's Private Banking & Investment Group, which serves ultrawealthy clients. He oversaw $500 million in client assets, according to a person familiar with the move.
Holland joined First Republic Private Wealth Management in San Francisco, the bank said in a statement.
Holland had been with Merrill for nine years, according to FINRA BrokerCheck records. Prior to the wirehouse, he worked at Sanford Bernstein for 10 years.
In a second move, First Republic picked up a Merrill team based in New York, the bank said Friday.
Making the move are advisers Larry Rothenberg, Shaun Van Vliet, David Farber, Schuyler Perry and Timothy Deygoo.
The team is said to have generated more than $9 million in revenue, according to a person familiar with the matter.
Rothenberg was a veteran of Merrill, having worked at the wirehouse for 20 years, per BrokerCheck. He has past work experience at Lehman Brothers and Prudential.
Van Vliet started his career at Merrill in 1996.
Farber, an 18-year industry veteran, had been with the wirehouse since 2005. Perry started his career at Dean Witter in 1999, per Broker Check. He later worked at Deutsche Bank before landing at Merrill in 2001.
Team member Deygoo started working at the wirheouse in 2007.