Merrill Lynch picks up Bear Stearns wealth management trio
Merrill Lynch's global private client group has taken on a team of three private bankers from Bear Stearns, after the US bank's private client team was shut down as part of the rescue acquisition by rival JP Morgan in March.
Merrill Lynch's global wealth management group announced the appointment of the team of three, headed by Mazy Moghadam and reporting to Nick Tucker, market leader for UK and Ireland, global wealth management, and Frederic Hilal, director of Monaco, GWM.
The team will be based in London and Monaco.
Rajiv Gupta and Chris Pinsent, also joining from the private client group of Bear Stearns. They will work with Moghadam to service ultra high net worth clients.
At Bear Stearns, Moghadam was senior managing director in investment services working with private clients, family offices and foundations, advising on asset allocation and investment implementation.
Prior to Bear, Moghadam was an executive director in private wealth management at Goldman Sachs and previously worked in mergers and acquisitions at Morgan Stanley.
Frederic Hilal said: "Merrill Lynch has recently celebrated 25 years in Monaco and the addition of this highly experienced wealth management team is part of our ongoing strategy to further grow our presence in the principality.”
Bear Stearns' UK private client services team, which numbered around 30 staff, was closed at the end of June. JP Morgan has been gradually cutting back Bear Stearns' operations and headcount since it bought its stricken rival in a bailout supported by the US Federal Reserve in March.
Since the rescue, there has been an exodus of Bear private bankers to join other banks, after JP Morgan chief executive Jamie Dimon announced that more than half of Bear Stearns staff would face the axe.
Earlier this month JPMorgan Private Bank hired senior private banker Darren McDermott from Bear, for its UK domestic private banking team.
Last month Deutsche Bank Private Wealth Management announced that George Zahringer joined the firm as a managing director and client adviser.
On the same day Merrill Lynch took on John Tyers, former managing director and co-head of Bear Stearns broker dealer and investment advisor services, as president of Broadcort, a provider of clearing services to US broker-dealers.
The week before Jack Doerge and Chad Smith, two of Bear Stearns’ senior most bankers, joined Morgan Stanley’s private wealth management office in Chicago.
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