Veteran financial adviser Ash Chopra, whose Merrill Lynch team managed $4.5 billion in San Francisco, has left the firm and launched Syon Capital, a registered investment adviser, which will use the custodian services of Charles Schwab & Co.
Most of the 10 professionals joining Chopra in the move were team members at Merrill, Syon said in a press release Thursday. Chopra had been with Merrill for 18 years.
“Within a wirehouse, our ability to brand ourselves as a multi-family office, and serve our clients as fiduciaries, was restricted,” Chopra, chief executive officer of Syon, said in the release. “As an independent organization, our family office model will enable us to serve our clients free from the constraints of a broker/dealer model.”
The 25-year industry veteran previously in charge of the Wall Street bank's advisor recruitment efforts is now fulfilling a similar role at a rival firm.
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