October 12, 2022
By Amey Stone
A new independent registered investment advisor firm has formed in Beverly Hills, Calif. It is notable less because of where the principals come from—Merrill Lynch, which has lost multiple big teams lately—but more because of who it is custodying with: Goldman Sachs Advisor Solutions (GSAS).
Now it is expressing pride about being hired by Beverly Hills Private Wealth, an RIA recently formed by advisors Scott Shagrin, Ira Ravitz, and Lisa Weiner, who say they managed a total of $1 billion in assets at Merrill Lynch.
“Winning the business from an RIA of this caliber is a testament to all the hard work our team has put into further enhancing our solution,” GSAS said in a statement. The unit is still hesitant to reveal details of its overall progress, however. A spokesperson said in a separate statement that it serves “a significant number” of clients but would not discuss how many or assets gathered.
