April 29, 2023
by Sam Bojarski
Sanctuary Wealth has lifted a $1bn advisory team out of Merrill Lynch.
The advisor network has announced the addition of Burnham Harbor Private Wealth, a practice that managed $1bn in client assets at the wirehouse.
The team joined Sanctuary on Friday, giving the company 80 partner firms throughout the US, a spokesperson told Citywire.
Burnham Harbor’s Chicago-based team is composed of managing partners James Corrigan, David Holtkamp, Sean Jucas and Kenneth Shay. Wealth associates Basel Alwawi and Cindy Hehr also join Sanctuary as part of the Burnham Harbor team.
‘While we knew we had outgrown the wirehouse, our team didn’t want to go out on our own,’ Corrigan stated. ‘Through our due diligence process, Sanctuary provided us the means to operate in a way that was familiar, with more efficiency, fewer distractions, and the respect to allow us to run our business the way we think is best.’
On the Burnham Harbor team, Shay has worked in the securities business since 1966 and has also worked as an advisor for Morgan Stanley. He joined Merrill in 2007. Each of his colleagues had been with Merrill for at least 16 years.
