Extra prime brokers in Atlanta have left Merrill Lynch to affix Rockefeller Capital Administration.
The New York-based wealth supervisor born out of the household workplace Rockefeller & Co. stated Tuesday that the Higgins Corridor Group and the Embleton Curtis Quackenbush Group each joined the agency. The 2 groups had been beforehand a part of Financial institution of America's Merrill Lynch.
Rockefeller Capital Administration declined to share how a lot cash every group beforehand managed earlier than becoming a member of it. Advisor David Higgins, who leads The Higgins Corridor Group with Michael Corridor, was ranked one of many prime advisors within the county by Barron's in 2018, with a staff managing $1.76 billion.
It isn't clear how a lot cash the Embleton Curtis Quackenbush Group, a staff of eight advisors headed by John Embleton, William Curtis, P. Schuyler Quackenbush Jr. and Evan Georgiou, was managing earlier than they left Merrill Lynch.
In a word about incoming advisors, Rockefeller President and CEO Greg Fleming stated Atlanta is a vital market to the agency and that the groups have helpful expertise and relationships with "distinguished people, entrepreneurs, personal enterprise homeowners and leaders of Fortune 500 Corporations for many years."
Final month, a pair of brokers managing $2.2 billion left UBS Personal Wealth Administration to be the primary advisors to work for Rockefeller in Atlanta.
Georgia's capital and largest metropolis has lengthy been a significant enterprise heart and residential to plenty of Fortune 500 firms together with Coca-Cola, UPS, The House Depot and Delta Airways. However in recent times, ancillary firms and a thriving know-how sector in Midtown Atlanta has generated extra wealth within the space and cash managers have taken discover. Abbot Downing, a Wells Fargo wealth administration enterprise that caters to ultra-high-net-worth clientele, opened there in 2017. On the time, David Edmiston, the workplace's managing director, stated it was "the proper time to plant a flag in Atlanta.”
Rockefeller had $18.5 billion in property underneath advisement by its current asset administration and wealth administration companies when it launched, however that quantity has virtually actually risen because it has recruited advisors, who sometimes deliver nearly all of the shoppers with them (together with their cash). When he helped launch the advisory agency in 2018, Fleming instructed WealthManagement.com that he needs to develop the enterprise to $100 billion in property within the subsequent 5 years, and he believes the Rockefeller identify will help get him there, notably in producing new enterprise exterior the U.S.