Merrill Lynch recruited an adviser who previously oversaw $1 billion in client assets, a spokeswoman said.

Fernando Nicolau, who was previously with JP Morgan Private Bank, now operates from a Merrill Lynch office in Miami. Nicolau will work with Merrill Lynch advisers Andre Mendes and Pedro Paulo Silva. They form the firm's largest Brazil team serving wealthy Latin American clients.

"His years of experience working in the Latin American market make him the right fit for our Brazil client segment," Andres de Corral, market executive, said in a statement.

(Bloomberg News)
(Bloomberg News)

Nicolau has 17 years of experience, including 13 years at Citibank. He is a graduate of Pontificia Universidade Catolica de Sao Paulo in Brazil, according to Merrill.

A spokeswoman for JP Morgan declined to comment.

Earlier this month, Merrill said it hired several advisers from Ayco Company, a wealth management firm affiliated with Goldman Sachs. Maureen Hulbert, Salvatore Romano, Allan Fiore, Eric Williams, Stephen Rosamino, and Adam Minor-Swartz joined the wirehouse in two offices in New York and Saratoga Springs, New York. They made the move in February.

A spokeswoman declined to provide AUM for the team.

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