Snowden Lane Partners is now open for business in the Sunshine State, staffed by two teams recently poached from Merrill Lynch, with a combined AUM of more than $344 million.
Both teams will work at Snowden Lane’s new Coral Gables office, its 10th location nationwide and its first in Florida.
It’s part of a larger strategy to expand the firm’s domestic and international presence, Snowden Lane's President and COO Greg Franks said in a statement. The teams’ focus will be on Mexico, Brazil, Panama and Colombia, a company spokesman confirmed. Both teams specialize in domestic and international high-net-worth families and institutions, specifically focusing on financial planning and estate planning.
Two veteran advisors form the Parr Murillo Group. Owen Parr and Francisco Murillo managed $187 million in client assets at Merrill and have 33 and 12 years of experience, respectively, according to FINRA BrokerCheck. Joining them is Alberto Bravo as the team’s analyst and client associate.
“We are completely aligned both philosophically and practically on our vision and we are excited to be able to service our clients’ needs in an unbiased and independent way,” Parr said in a statement.
The second ex-Merrill team, Rego Arias Group, had $157 million in AUM with the wirehouse. Arnaldo Rego has worked in the industry for 21 years and George Arias for 22 years, according to BrokerCheck.
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The teams are led by brokers who’ve been featured on Barron’s and Forbes’ advisor rankings.
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The group is the latest in a long string of wirehouse departures.
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The recruits joined from Merrill Lynch, Wells Fargo Advisors, SunTrust and Snowden Lane Partners.
April 18
Snowden Lane manages $4.5 billion in client assets and has 44 advisors in 15 teams, according to a company spokesman.
Merrill Lynch did not respond for comment.
