Merrill Lynch loses $1 billion Beverly Hills team

Matthew Celenza and his team, who managed $1 billion at the Beverly Hills, California, office of Merrill Lynch, have formed Boulevard Family Wealth. The firm, which describes itself as a multifamily office, will custody assets through Schwab Advisor Services and use the Dynasty Financial Partners' technology platform. Joining Mr. Celenza, who began his securities career in 1995 at Joseph Charles & Associates and was with Citigroup and Morgan Stanley before joining Merrill Lynch in 2012, are long-time team members Shannon McLaughlin and Andrea Shieh. In addition, Andrew Aiello, who previously served as a senior insurance expert in Merrill Lynch's ultra-high-net-worth solutions department, will lead the new firm's insurance efforts. (More: Broker advising on $1 billion leaves UBS to form hybrid)