Xerxes Mullan and his team have left Merrill Lynch to launch an independent advisory firm in association with Dynasty Financial Partners.

Mullan served as the managing director of the private banking investment group at Merrill Lynch. He will join as the founding partner and CEO at the new venture, known as Avestar Capital.

In the new business, Mullan will be supported by Alexa Clark, Sanjeet Dass, Sonia Krauss, Tonya Smoake and Jennifer Wolf.

The new firm is a global multi-family office and wealth advisory business that will cater to the needs of entrepreneurs, C Level executives and ultra high net worth families.

Avestar Capital teamed up with Dynasty for developing its practice management and for streamlining its operations, investments and technology. The advisory firm chose Fidelity Clearing & Custody Solutions as a primary custodian.

Commenting on the new venture, Mullan said: “At Avestar Capital, we look forward to partnering with Dynasty to bring comprehensive wealth management services to our clients. Our network of families and institutions often requires cross-border and multi-currency services and support for middle market entrepreneurs.

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“In particular, the U.S.-India cross border planning is a very active market for us. As an independent firm, we are now in a position to simplify their financial lives by offering one of the most advanced platform of services, research and products available.”