Citywire RIA – Int’l Merrill teams exit to launch wealth firm’s Coral Gables office
June 2019 - Citywire RIA
Independent advisory firm Snowden Lane Partners has hired four international advisors from Merrill Lynch overseeing a combined $344 million in assets, the firm’s first deal of 2019.
Ex-Merrill brokers Owen Parr, Francisco Murillo, Arnaldo Rego and George Arias will all join Snowden Lane’s new office in Coral Gables, Fla., the firm’s 10th location. Parr and Murillo will brand their practice under the Parr Murillo Group name, while Rego and Arias will brand their practice under the name of Rego Arias Group.
A spokesman for Snowden Lane said the quartet of Merrill advisors covered clients based in Mexico, Brazil, Panama and Colombia.
Snowden chief executive, Rob Mooney, said the new arrivals will help build its international business.
‘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 said. ‘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.’
New York City-based Snowden Lane oversees around $4.5 billion in assets. Around 80% of the firm’s assets are fee-based and annuitized, while 20% reside in its pure brokerage business.
‘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,’ Mooney said.
Snowden Lane first moved into the US offshore arena in December 2015 with the hire of a $200 million San Diego team.
The firm, which was launched in 2011, has offices in seven states including California, Maryland, Connecticut, Pennsylvania and Texas.