Sanctuary gains ex-Merrill Lynch team with $530M
Sanctuary Wealth signed an ex-Merrill Lynch team that managed $530 million in client assets, according to the firm.
The Longo Group is Sanctuary’s first partner firm based in New Orleans, and is led by advisor Ted Longo. He built his 34-year career at Merrill Lynch, according to FINRA BrokerCheck records. He also opened Merrill’s office in Slidell, Louisiana in 1997, according to the statement.
Longo is also joined by his nephew, Steve Longo, and Chris Collins. Steve has 19 years of experience, and Collins has 16 years.
"I grew up in this business being taught that everything starts with the client and that's a philosophy that I've held throughout my career. What attracted me to Sanctuary in the first place is that the firm is based on the same principle," Longo said in a statement.
Longo is friends with Lili Kaufmann, Sanctuary’s director of transitions. Kaufmann also previously worked at Merrill for eight years, according to BrokerCheck.
“I've known and respected the individuals leading Sanctuary for many years and was comfortable right away because we speak the same language,” Longo said, adding that his biggest concern — transitioning client accounts — was allayed by his close relationship with Kaufmann. “I felt my clients couldn't be in better hands."
Longo sees his move as a realignment rather than a major change. "As far as clients are concerned, nothing is changing, except maybe for the better. We have always led with what is best for the client and that's what we'll continue to do," he said in a statement. "With Sanctuary, we'll have access to an open platform with a wider range of solutions and investments that will allow my team and I to do an even better job for our clients."
Sanctuary’s last big hire was in July with the addition of Bowersock Capital Partners, an all-women, ex-Morgan Stanley team that managed $500 million in client assets.
Currently, Sanctuary operates in 16 states and includes 38 partner firms with more than $10 billion in assets under advisement, according to the firm.