A four-person team that managed nearly $1 billion in client assets has left Merrill Lynch to launch a new independent firm in Westport.
The team members—Bill Loftus, Bill Lomus, Kevin Burns and Jim Pratt-Heaney—made the jump following last month’s announcement that Bank of America is buying Merrill Lynch in a $50 billion deal. Thousands of Merrill employees may lose their jobs as a result.
The team, formerly known as the LLBH Group of Merrill Lynch, will now be principals at the new firm, LLBH Group Private Wealth Management.
Loftus will head corporate executive services, lending and alternative investment operations; Burns will run client asset acquisition and client service and contact; Pratt-Heaney will be responsible for asset management; and Lomus, a CFP, will oversee the investment planning process.
LLBH Group Private Wealth Management will custody through Pershing, a division of Bank of New York Mellon. According to Pershing, the group plans to transition $900 million in client assets to the new firm.
