Dynasty Financial Partners nabbed four breakaway advisers from Merrill Lynch, who have formed a "multilingual, multigenerational" firm focused on high-net-worth entrepreneurs globally, according to a release.

The advisers sought to build a practice “unconstrained by the structure of a one-firm model,” Elizabeth van Walleghem, who co-founded the firm with Thomas Butler, said in a statement. The two had previous responsibility for managing $550 million in client assets.

Read more: Lebenthal loses $750M elite adviser execs to Dynasty

Their new firm, Coral Gables, Florida-based Maximai Investment Partners, specializes in serving clients with ties to Latin America. Advisers Alejandro Behrens and Daniella Viete, along with Ana Bueso, the new firm's manager of client services, also left Merrill to join the practice.

Terms of the deal were not disclosed.

Maximai Investment Partners cofounder Lisa van Walleghem
Maximai Investment Partners cofounder Lisa van Walleghem

“Given the pace of change within global markets, we must maintain the agility to identify new developments, tap attractive opportunities around the world and deliver advanced solutions while safeguarding client assets. Independence equips us to do all this and more," Butler said in the statement.

It's important to give global clients the right choices for their investments, Javier Rivero, senior vice president of Dynasty's international division, said in the statement.

"The independent model is the future for advisers working with global clients that require a truly open platform," he said.

The new firm will utilize portions of Dynasty’s investment platform and integrated marketing solutions as well as Fidelity Institutional Wealth Services to custody their advisory assets. It will also use Addepar, a wealth management platform for family offices and RIAs, for their client performance reporting and Dynasty’s customized version of Salesforce as their CRM, according to the statement.

The firm is the second Florida-based group for Dynasty. Premia Global Advisors, also in Coral Gables, joined the network earlier this year.

Ann Marsh

Ann Marsh

Ann Marsh is Senior Editor and West Coast Bureau Chief of Financial Planning.