A Merrill Lynch adviser who managed $180 million has left the wirehouse to join an existing practice at Snowden Lane Partners, a spokesoman at the independent firm said.
Sam DeGennaro is merging his practice with the Guth-Fordyce Group at Snowden. With DeGennaro's addition, the New Haven, Conn.-based group will oversee $1 billion in client assets, according to Snowden. The group is also relocating to a larger office within the same city in order to accommodate its nine team members, the firm says.
For Snowden Lane, it's the latest wirehouse adviser to join the firm, which is led by several former Merrill Lynch executives. Lyle LaMothe, Snowden's chairman, was previously head of Merrill Lynch U.S. Wealth Management. President Greg Franks served as a managing director at Merrill, overseeing 5,000 advisers.
New York-based Snowden has recruited a number of wirehouse advisers, and now operates seven offices. The firm operates an RIA as well as an affiliated broker-dealer.
The largest teams to go indie this year managed more than $5 billion in client assets.
"Turning Snowden Lane into a success story in the last five years has meant we've had to operate differently than our industry has in the past," Rob Mooney, Snowden Lane's CEO, said in a statement. "This combination is a testament to the environment we've created. We're confident it will continue to attract the best talent, and enable us to offer superior investment solutions and services to our clients."
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DeGennaro, an industry veteran, had been with Merrill since 2007, according to FINRA BrokerCheck records. Prior to Merrill, he had worked at Smith Barney since 1995.
DeGennaro said he made the move to Snowden because the firm has established itself in the wealth management marketplace and also because it combines the feel of a boutique with the capabilities and leadership of a larger institution.
