Rockefeller Lassoes Merrill Texas Team with Nearly $5-Mln Revenue
Rockefeller Capital Management continues to expand its three-year-old private wealth business and on Friday hired a Merrill Lynch team with $4.9 million in revenue to open a new office in San Antonio, Texas, according to a well-placed source.
Martin, a 33-year broker, could not immediately be reached for comment. Daniels and Lawyer spent 25 and 10 years at Merrill, respectively. Martin and Daniels had worked out of a satellite office Merrill opened for them about five years ago in Kenedy, Texas, about 60 miles outside of San Antonio in the Eagle Ford Shale area, according to a second source.
Both sources said the team was likely enticed to Rockefeller by Michael Armondo, a former Merrill Lynch market manager in Dallas and Central Division director for Rockefeller, who began his career as a broker in San Antonio and knew the team well.
Armondo, who joined Rockefeller in 2019, last month netted a $2.5 million team led by former Merrill brokers Matthew Richeda and Christopher Farr in Denver. The manager did not return a request for comment sent through LinkedIn.
Rockefeller has added at least three other multi-million dollar teams from Merrill this year and has recruited a total of 47 practices, primarily from Merrill and Morgan Stanley, in the nearly three years since its 2018 recapitalization by venture capital firm Viking Global. Rockefeller’s executives have said the goal is around 200 teams by 2025.
Rockefeller also last week hired a team with $1 billion in assets from Merrill in Newport Beach, California and in January hired another former Merrill group in Chicago managing $300 million and another with $600 million in Florida.
A spokesperson for Merrill Lynch did not return a request for comment.