Former Merrill Lynch exec establishes advisory firm

Founder Xerxes Mullan launched Avestar Capital, a multifamily office and wealth advisory business.

Mullan served as a managing director of investments and international private wealth adviser at Merrill Lynch's private banking investment group. Joining him from Merrill Lynch are Tonya Smoake, COO; Sanjeet Dass, vice president of investments; Jennifer Wolf, vice president of financial planning; and Alexa Cark and Sonia Krauss, client services analysts.

Avestar Capital will work with Dynasty Financial Partners on expanding its practice management and streamlining its operations, investments and technology. Avestar Capital chose Fidelity Clearing & Custody Solutions as a primary custodian.