October 7, 2022
By Diana Britton
Beverly Hills, Calif.-based RIA Beverly Hills Private Wealth, launched Friday by a $1 billion Merrill Lynch breakaway team, has chosen Goldman Sachs Advisor Solutions as its sole custodian.
A $1 billion advisor team in Beverly Hills, Calif. broke away from Merrill Lynch Friday to form Beverly Hills Private Wealth, a registered investment advisor serving high net worth individuals and multi-generational families. The firm’s principals chose Goldman Sachs as its sole custodian.
“Winning the business from an RIA of this caliber is a testament to all the hard work that our team has put in to further enhancing our solution,” said Jeremy Eisenstein, co-head of the RIA custody sales team within Goldman Sachs Advisor Solutions, in an interview with WealthManagement.com. “There is room for a new custodian in the independent wealth management space, and we are excited to bring more choice to the market.”
The Beverly Hills Private Wealth team includes co-founders Scott Shagrin, managing director, Ira H. Ravitz, managing director, and Lisa Weiner, senior vice president.
Shagrin said the team was attracted to the prestige of the Goldman Sachs’ brand and its institutional-level trading and finance options. He said they plan on tapping into Goldman’s access to alternative investments, structured products, securities-based lines of credit and investment research.