Convergent Wealth Advisors has sent shockwaves through the wealth management industry, lifting out two teams from New York-based Citigroup Inc.'s institutional-clients group with combined assets under management of about $7 billion divided among institutions, and high-net-worth individuals and families.
George Dunn and Peter Dunne joined Rockville, Md.-based Convergent on Friday in its Washington office as managing directors.
Mr. Dunn had been with Citigroup for more than 29 years, Mr. Dunne for 22 years.
David Mattia, an 18-year veteran of Citigroup, and Lori Van Dusen, who had been with the company for 21 years, also joined Convergent on Friday in Rochester, N.Y., as managing directors.
The teams have nine employees each.
The lift-out, believed to be one of the largest in the past year, underscores the vulnerability of large banks that face financial difficulties, sources said.
Sources also indicated that Liz Nesvold, managing partner of Silver Lane Advisors LLC of New York, brokered it.
She declined to comment.
Beverly Hills, Calif.-based City National Corp., the parent company of City National Bank, owns a majority of Convergent’s equity through its Chicago-based subsidiary, Convergent Capital Management LLC.
Convergent had over $9 billion in assets under management through the end of August.
For the full report, see the upcoming Sept. 8 issue of InvestmentNews.
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