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Merrill Lynch WM names new international boss

Merrill Lynch WM names new international boss

Merrill Lynch Wealth Management has appointed Don Plaus to head its ultra-high net worth and international financial advisor units, according to an internal memo seen by Citywire Americas.

Wealth management chief Andy Sieg revealed a number of organizational changes, including reducing its current 10 regional divisions down to six in a memo sent to advisors on Wednesday.

Miami-based Plaus, most recently the group's US Southeast division executive, has been promoted to head its ultra-high net worth client segment, known as the Private Banking & Investment Group (PBIG), as well as its international client business.

In the note, Sieg said: ‘We’re committed to the PBIG model of serving UHNW clients. The consistent excellence and innovation of our PBIG advisors truly raises the bar for everyone.

‘Don also assumes responsibility for our international business to provide appropriate support to these clients consistent with our strategy.’

This follows the announcement that former PBIG head Phil Sieg was to step down sometime in April from the wirehouse.

Merrill Lynch initially announced it was looking to model its international unit after its PBIG business in July 2015 when it outlined a number of new restrictions to its international financial advisors.

The restructure of regions has seen Eric Schimpf named the new head of the Southeast region.

The six divisions going forward also include the Northeast, led by Bill Lorenz; the mid-Atlantic, led by Lindsay DeNardo Hans; the Midwest, led by Paul Lambert; Texas Mountain South, led by Vince Fertitta; and the West, led by Jeff Markham.

Along with a number of other home office roles, Andy Sieg named Mike Adornetto as the wealth firm’s chief operating officer and former Houston market executive Hong Ogle as head of advisor development.

The firm said it will be announcing the next level of leadership in the coming days.

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