Merrill adds $13 billion institutional consulting team from Morgan Stanley

Merrill Private Wealth Management has hired a 14‑person institutional consulting team from Morgan Stanley’s Graystone Consulting unit. The group, which oversees more than $13 billion in client assets, will operate out of Merrill’s Boston office and serve ultra‑high‑net‑worth families, corporate executives, entrepreneurs and retirement‑plan sponsors across the United States. The team is led by Al J. Hammond, a founding partner with over 35 years of experience, and includes advisors such as Matthew McLaughlin.

The move is one of the largest wirehouse‑to‑wirehouse transfers recorded in 2026, surpassing other recent moves involving multi‑billion‑dollar teams. Graystone Consulting, inherited by Morgan Stanley through its acquisition of Smith Barney, manages about $747 billion in institutional assets. Merrill’s acquisition follows earlier recruiting wins and aims to strengthen its institutional practice after previous departures. A pending lawsuit alleging a “corporate raid” was dismissed by a federal judge, allowing the team to join Merrill.