BofA employees defect to start new firm

A group of Bank of America private bankers that helped anchor the firm’s wealth-management practice in one of California’s wealthiest enclaves has defected to start an independent company.

Bloomberg News reports that the seven advisers, who managed about $3.3bn in client assets out of Newport Beach, resigned from the bank on Friday, according to Darren Henderson, one of the founders of the new firm.

The departures, including five support personnel, make up about a third of Merrill Lynch’s private bank staff in the city, he said in an interview.

The group is joining a stream of advisers and private bankers leaving big banks and brokerages to start their own boutiques, hoping to exert more control over their dealings and keep a greater share of the revenue. They’re making use of technology ventures that provide record-keeping, custody services and product offerings once available only at the largest firms.

To access the complete Bloomberg News article hit the link below:

BofA Loses $3.3 Billion Wealth Team as Another Boutique Is Born

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