Overshadowed by the news of the resignation of brokerage head Dan Sontag leaving Merrill Lynch yesterday was the departure of Chris Wolfe, the Chief Investment Officer for ML Private Banking and Investment Group.
Wolfe dealt with the high net worth group, focused on clients with more than $10 million. His departure, along with Richard Bernstein and David Rosenberg, leaves the biggest producers among Merrill’s financial advisers with a large hole in their research and asset allocation abilities.
This seems to be a confirmation of the continued turmoil at Merrill, and may well increase dissatisfaction. The exodus of big financial advisers could further hurt the value of the brokerage purchased by Bank of America at the height of the financial crisis.
Wolfe could not be reached directly, and a spokeslady for Merrill Lynch declined to confirm
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