Merrill Names NY Complex Manager to Run “Flagship” 5th Ave. Branch
Merrill Lynch has elevated a suburban New York City complex manager to run its “flagship” Fifth Avenue branch of around 150 brokers in Manhattan, according to a memo distributed on Friday.
Matthew Grossman, who most recently oversaw seven offices in Westchester County and parts of Connecticut as Merrill’s White Plains “market manager.” He takes over the high-profile New York City post from Racquel Oden, who left Merrill in December and is now a consumer bank executive at JP Morgan Chase.
Grossman has spent his entire brokerage career, which began in 1990, with Merrill. In his most recent position, he oversaw almost 200 brokers and trainees, according to the memo, which was signed by Northeast regional director Bill Lorenz.
“Over the past 12 years, Matt has been instrumental in driving growth in Westchester-Greenwich [CT], expanding the market to include seven offices with 190 financial advisors and PMDs,” Lorenz wrote.
Grossman had been on the short list to run the Fifth Avenue branch two years ago when its then-manager, Jeffrey Tucker, was elevated to a regional management position. Tucker left Merrill for Morgan Stanley in April after Merrill Wealth head Andy Sieg eliminated his New York metro region in a broad reorganization.
Grossman did not return a call for comment. His promotion was reported earlier on Friday by “InvestmentNews.”
Grossman graduated from the University of Miami and later earned an MBA from Florida State University, according to Lorenz’ memo.