Xerxes Mullan
and his team have left Merrill Lynch to launch an independent
advisory firm in association with Dynasty Financial Partners.
Mullan served as the managing director of the private
banking investment group at Merrill Lynch. He will join as the
founding partner and CEO at the new venture, known as Avestar
Capital.
In the new business, Mullan will be supported by Alexa
Clark, Sanjeet Dass, Sonia Krauss, Tonya Smoake and Jennifer Wolf.
The new firm is a global multi-family office and
wealth advisory business that will cater to the needs of
entrepreneurs, C Level executives and ultra high net worth
families.
Avestar Capital teamed up with Dynasty for developing
its practice management and for streamlining its operations,
investments and technology. The advisory firm chose Fidelity
Clearing & Custody Solutions as a primary custodian.
Commenting on the new venture, Mullan said: “At
Avestar Capital, we look forward to partnering with Dynasty to
bring comprehensive wealth management services to our clients. Our
network of families and institutions often requires cross-border
and multi-currency services and support for middle market
entrepreneurs.
“In particular, the U.S.-India cross border planning
is a very active market for us. As an independent firm, we are now
in a position to simplify their financial lives by offering one of
the most advanced platform of services, research and products
available.”