$100M adviser departs Merrill for Snowden Lane
An adviser who oversaw $100 million at Merrill Lynch has left the wirehouse to join Snowden Lane Partners, the independent firm says.
Joseph Hubbell is merging his practice with that of two other ex-Merrill Lynch advisers, Jesse Clinton and Phil Pedrena. Together, the New York-based team will rebrand itself as the Veritas Private Wealth Group and oversee more than $370 million in client assets, the firm says.
Hubbell is an industry veteran, having started his career at Shearson Lehman Brothers in 1984, according to FINRA BrokerCheck records.
Hubbell later worked at Smith Barney, UBS and J.P. Morgan Securities before joining Merrill in 2012.
His teammates joined Snowden from Merrill in 2014. Clinton said in a statement that Hubbell's experience would be an invaluable asset for the team.
The senior leadership of Snowden Lane, which operates an RIA and affiliated broker-dealer, is comprised of ex-Merrill managers. Chairman Lyle LaMothe previously served as head of Merrill Lynch U.S. Wealth Management, CEO Rob Mooney served as general counsel and President Greg Franks oversaw 5,000 advisers as a managing director at the wirehouse.
The firm has been steadily recruiting top wirehouse advisers and teams, drawn to firm due to its independent advisory model, Franks says.
"Talent is a precious commodity in this business and this firm continues to attract it for all the right reasons," Franks says.