Ex-Merrill Lynch Westport Team Sets Up Own Firm

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October, 2008

A four-person team that managed nearly $1 billion in client assets has left Merrill Lynch to launch a new independent firm in Westport.

The team members–Bill Loftus, Bill Lomas, Kevin Burns, and Jim Pratt-Heaney–made the jump following last month’s announcement that Bank of America is buying Merrill Lynch in a $50 billion deal. Thousands of Merrill employees may lose their jobs as a result.

The team, formerly known as the LLBH d/b/a Coastal Bridge Advisors Group of Merrill Lynch, will now be principals at the new firm, LLBH d/b/a Coastal Bridge Advisors Group Private Wealth Management.

Loftus will head corporate executive services, lending and alternative investment operations; burns will run client asset acquisition and client service and contact; Pratt-Heaney will be responsible for asset management; and Lomas, a CFP, will oversee the investment planning process.

LLBH d/b/a Coastal Bridge Advisors Group Private Wealth Management will custody through Pershing, a division of Bank of New York Mellon. According to Pershing, the group plans to transition $900 million in client assets to the new firm.

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