Merrill Taps Mgt. Training Grad to Head Coastal New England Market
Merrill Lynch has promoted an up-and-comer to oversee its Coastal New England market as it continues to fill management attrition vacancies.
She will replace Gary A. Hernandez, who plans to retire by year-end after a “tremendous career” of more than 30 years, according to the memo Lorenz sent to division employees on Friday.
Neither McCarthy, who joined Merrill from UBS at the end of 2018, nor Hernandez, who spent all but his rookie brokerage year at Merrill, returned calls for comment.
Merrill has been reaching in-house to replace departing brokers and managers as it sticks to its more than two-year-old budget-conscious policy of avoiding “competitive recruiting” of experienced advisors.
It has been rotating experienced managers to fill slots in primary markets such as Texas, California and Florida, and is revamping its broker training programs in close collaboration with its parent, Bank of America to replace departing advisors.
McCarthy most recently was associate market manager of Merrill’s Rockefeller Center complex in New York City. She ran the offices on an interim basis between February, when complex head Michael Simonds was transferred to the firm’s downtown Manhattan SD complex, and July, when Merrill reorganized its midtown Manhattan management geography.
In her brief tenure at Merrill, McCarthy also worked as an assistant market manager and interim manager in Palo Alto, CA, prior to moving to New York, according to the memo.
She began her career at UBS in 2010 after graduating from Bucknell University as a training program analyst, and worked in UBS’s fund products area and as an assistant market head before joining Merrill two years ago, according to her LinkedIn profile.
Merrill last week filled one of its six division management seats by naming Steve Alch to run its Southeast Division. He replaced Eric Shimpf, who is running the revamped training aand development program. Merrill continues to look for a Central Florida market manager, the position previously held by Alch.
Neither Alch nor McCarthy has worked directly as an advisor.