Separately, in another indie move, a Merrill broker joined a Maryland firm affiliated with Wells Fargo Financial Network.
Independent broker-dealer Sanctuary has landed its 42nd team since its 2018 launch while Snowden says it wooed a former billion-dollar Merrill broker back to the business.
European asset manager Azimut Group is paying $50 million for 55% of independent brokerage firm founded two years ago by Merrill manager Jim Dickson.
Morgan Stanley group with $400 million in client assets moved Friday, the same day that indie firm Sanctuary Wealth added a $4 million production and $500 million-asset team from Merrill.
Antoine Souma, former $3 billion-asset Barron’s-ranked broker with a multi-million-dollar client settlement in his past, leaves wirehouse for unusual alliance with two independent firms.
Indianapolis-based Sanctuary, founded two years ago by a former Merrill divisional manager, finds recruiting success targeting its roots.
Four Long Island advisors on an Ameriprise employee-channel team split for offices of rival firm in Manhattan and Boca, while a wirehouse broker in Des Moines leaves to launch an independent practice in the city.
Austin duo overseeing $134 million leaves Merrill for Raymond James affiliate, while 16-year UBS executive stock specialist shifts to new Noyes unit in San Francisco.