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Merrill Lynch Loses Two FA Teams to This Rival

By Alex Padalka June 14, 2019

Snowden Lane Partners has picked up two teams of financial advisors from Merrill Lynch, according to Snowden Lane.

Owen Parr and Francisco Murillo, who oversaw $187 million at the wirehouse, join Snowden Lane as the Parr Murillo Group, along with analyst and client associate Alberto Bravo, Snowden Lane says in a press release.

And Arnaldo Rego and George Arias, who managed $157 million at Merrill Lynch, join Snowden Lane as the Rego Arias Group, according to Snowden Lane. The two teams serve “internationally resident high-net worth families and institutions,” in addition to those residing domestically, the company says.

“After we spent time with the leadership team at Snowden Lane, we knew we wanted to be a part of the exciting work they’re doing in the independent advisory space,” Parr says in the press release. “We are completely aligned both philosophically and practically on our vision and we are excited to be able to service our clients’ needs in an unbiased and independent way.”

The new recruits are opening up a new Snowden Lane office in Coral Gables, Fla., which is the company’s first in the state and 10th in the country, according to the press release.

“Opening in Coral Gables represents another step forward in building our firm’s international business, now represented with teams in San Diego, New York and Coral Gables,” Rob Mooney, Snowden Lane’s managing partner and CEO, says in the press release. “We think more financial advisor teams will realize that a specialty boutique like ours, with proven capabilities and deep experience, can provide a superior client experience, and is a preferable alternative to the large banks that are restricting cross-border business.”

Founded in 2011, Snowden Lane has lured several financial advisors from bigger rivals in recent years, including from Wells Fargo, Raymond James and at least one other team from Merrill Lynch. But this April, a managing director and senior partner left Snowden Lane for Alex. Brown, a division of Raymond James.