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Merrill Loses Team With 50+ Year Legacy to Indie BD

April 21, 2017

A financial advisor practice whose founder has spent 50 years at Merrill Lynch has joined the independent broker-dealer division of Raymond James, InvestmentNews writes.

David Anderson, who’s been with Merrill since 2001, and George Hall II, who started his career at the wirehouse in 2006, will operate as 1808 Capital Partners in Greensboro, N.C., according to the publication. The practice, which managed $400 million at Merrill, was founded by Anderson’s father, who retired from Merrill after a 50-year stint at the firm, InvestmentNews writes. Anderson and Hall are joined by client associate Celeste Allen, according to the publication.

Merrill Lynch has had some major broker moves recently. Last month the wirehouse lost three advisor teams collectively managing close to $825 million to Raymond James. It also lost three advisors collectively overseeing $602 million to Morgan Stanley in February, in addition to another team that produced $1.3 million annually. But earlier this month Merrill nabbed a $288 million Morgan Stanley broker and in March scooped up five Morgan Stanley brokers who together oversaw close to $1 billion.


Raymond James, however, has been steadily snatching advisors from its rivals for several months. Earlier this month, a Wells Fargo Advisors rep who managed $160 million left the firm for Steward Partners, an employee-owned independent partnership associated with Raymond James Financial Services. And in addition to the Merrill hires in March, Raymond James added a $143 million team from Morgan Stanley. In February, six Morgan Stanley reps collectively overseeing $700 million joined Steward Partners.

Raymond James also said this week it is acquiring an asset manager with $27 billion under management.

Raymond James’ subsidiary Carillon Tower Advisers, an asset management firm offering operational and distribution support to portfolio managers, is buying Scout Investments, an institutional fixed income specialist and subsidiary of UMB Financial, and its Reams Asset Management division, an equity manager, according to a press release. Raymond James is paying $172.5 million in cash for the acquisition, according to a press release from UMB Financial.

Carillon Tower’s current affiliates include Eagle Asset Management, ClariVest Asset Management and Cougar Global Investments, Raymond James says in its press release.

After the close of the deal, expected by the end of the year, Carillon is projected to have more than $60 billion under management and advisement, according to Raymond James. The acquisition aims to offer Carillon clients a wider selection of investment options, Cooper Abbott, Carillon Tower president and chairman, says in a press release.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.