Merrill Lynch has lured team of nine financial advisors led by Bruce Munster from Morgan Stanley that managed more than $1.2bn in client assets.
The nine-person including Munster and his partners John Paffendorf and David Freeman will join Merrill’s Private Banking & Investment Group in Century City, California.
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The team, which previously generated about $5.8m in annual revenue, will report to Michael Rogers, managing director and head of Merrill Lynch’s private banking and investment group in Los Angeles.
Munster’s team aims to focus on wealthy families, and its client base includes 60 entrepreneurs, inventors and M&A professionals.
Munster, who joined Morgan Stanley in 2007, began his career at UBS.
Rogers said: "Munster has clearly demonstrated success in the marketplace based on his high level of personal service to clients, ability to lead clients through successful liquidity events and investment results."
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