Merrill Lynch Wealth Management has hired a multi-million dollar private banker in Denver from Goldman Sachs Group and a two-person broker team in Miami that had been with Morgan Stanley for 13 years, according to Reuters.
The advisors, who joined the Bank of America-owned broker-dealer on 30 August, together generated US$3.2 million of fees and commissions from clients over the previous 12 months.
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The Denver-based adviser is Diane Padalino, who had been with Goldman’s private wealth unit since September 2006.
In his new role, Padalino will report to Robert Johnson, who is in charge of the southwest region for Merrill’s private banking group.
Padalino’s team joined Merrill’s private banking and investment group of about 150 advisers. The team had generated US$1.9 million since last September and oversaw about US$325 million of client assets at Goldman.
Padalino’s team has a minimum net worth requirement of at least US$65 million for new clients.
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By GlobalDataIn Miami, Merrill has hired the team of John Molkentin and Denise Chin Quee. They will report to Carlos Torre, Merrill’s senior resident director in Miami.
The team had been based in Florida with Morgan Stanley since 2000.
The Miami based team has produced US$1.3 million in fees and commissions in the previous 12 months and oversaw combined client assets of US$183 million, Merrill said.
