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Merrill Lynch Loses Top Producer to This Rival

May 29, 2019

First Republic Bank’s wealth management arm has lured another experienced wirehouse advisor, the company says.

Arif Ahmed has joined First Republic Investment Management as managing director and wealth manager, according to a press release from the firm.

Prior to the move, Ahmed had spent his entire 21-year career in financial services with Merrill Lynch, where he worked with high net worth clients, foundations, endowments and family offices providing sophisticated wealth management strategies including estate planning, cash flow modeling, managing concentrated stock positions and family governance, according to First Republic.

Ahmed had led a 10-person team that managed around $4 billion and produced $16 million in annual revenue at Merrill Lynch, according to AdvisorHub.

First Republic has been aggressively luring advisors as well as executives from larger brokerages.

(Getty)

In March, the company nabbed an experienced field manager from UBS to oversee First Republic’s 17 wealth management offices in southern California and a managing director from JPMorgan to oversee its New York office. Since the start of the year, First Republic has also poached several financial advisors from UBS and Wells Fargo.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.