Pennsylvania- and Florida-Based Teams Join NewEdge Wealth, Combine for $1.8 Billion AUM
Registered investment adviser NewEdge Wealth LLC added two advisory teams, one from Morgan Stanley and the other from Merrill Lynch. Together they bring more than $1.8 billion in assets under management to the RIA, which serves ultra-high-net-worth families, family offices, and institutional clients.
The Allentown, Penn.-based team Emrick Group is led by Paul Emrick, principal, and Matt Mongon, vice president and portfolio strategist. They join NewEdge Wealth along with two associates, Monica Dougherty and Nathan Emrick.
According to Forbes, the team oversaw approximately $514 million in AUM while at Morgan Stanley Private Wealth Management. In its transition to NewEdge Wealth, the Emrick team selected Goldman Sachs Custody Solutions as their primary custodian.
Concurrently, partners Blaine Minton and Kirsten Tuzzo, CPFA, have joined from Merrill Lynch Wealth Management, expanding NewEdge Wealth’s presence in the Delray Beach, Boca Raton, and Palm Beach Gardens area. Other team members include Scott Graver, CFP, CRPC, principal, wealth strategy; Sebin Skaria, CRPS, vice president, investment solutions; Maria Maloney, CRPC, associate, client service; Diane McClung, associate, client service; Kelsey Navickas, analyst, client service; and Austin Tuzzo, analyst, investment solutions.
The Florida Merrill Lynch Wealth Management team oversaw approximately $1.3 billion in combined client assets, according to Forbes, although not every member of the Merrill Lynch team has come over to NewEdge Wealth.
Earlier this summer, NewEdge Wealth added veteran investment manager Brian Nick, CAIA, as managing director, head of portfolio strategy.
Regarding The Emrick Group, Rob Sechan, chief executive officer of NewEdge Wealth said “Paul, Matt and the team have the expertise and experience to provide comprehensive wealth planning and advice to entrepreneurs and their families, as well as corporate retirement plans, endowments, and foundations. They will serve as an invaluable resource as an anchor of our expansion into Pennsylvania,”
“We are confident they will be a vital part of NewEdge Wealth as we continue to deliver the services sought by high-net-worth and ultra-high-net-worth investors,” Sechan added.
Emrick led a private wealth management team at Morgan Stanley for more than a decade, helping business owners and their families with holistic wealth management and investment decisions. He has also held senior roles at J.P. Morgan Private Bank and MFP Strategies. Before his career in financial services, Emrick was commissioned through the Army ROTC program at West Chester University in Pennsylvania. He served on active duty in the U.S. Army as a field artillery officer, primarily with the 3rd Infantry Division in Germany.
Mongon joined Morgan Stanley in 2018 after a senior role in managing Lehigh University’s $1.6 billion endowment fund. He was also a senior consultant and director of investment research for MFP Strategies.
“We are excited to join the NewEdge Wealth team as we seek to level up and return to our independent roots. The culture at NewEdge could not be a better fit. We can now deliver the combined breadth and depth of insights and digital-forward solutions from NewEdge and [Goldman Sachs Custody Solutions],” said Emrick. We’re thrilled to continue to deliver for our clients and help the NewEdge team continue to grow.”
Regarding Minton and Tuzzo’s Florida team, Sechan said “as the demand for sophisticated wealth management services continues to rise for today’s affluent investors, our firm is well equipped to meet their needs. We are excited to welcome these talented individuals and are confident that our platform’s offerings will provide a valuable upgrade for their clients.”
Minton has more than two and a half decades of experience in financial planning, asset management, and tax and estate planning coordination. He was previously a managing director at Merrill Lynch and a senior vice president at Morgan Stanley.
Tuzzo has over 30 years of experience working with individuals, institutions, and family offices. She has managed the Rockefeller Foundation Endowment portfolio and worked in the private banking and wealth management groups at J.P. Morgan Chase and Bank of America. She has served as a portfolio management director at Morgan Stanley and was most recently a managing director at Merrill Lynch.
When asked about the transition, Minton expressed excitement. “Kirsten and I are thrilled to bring our team to NewEdge Wealth, joining forces with the amazing community Rob and his team created. NewEdge has a reputation of leading and delivering sophisticated wealth management services, and we are eager to provide our expertise and insight to the firm.”
The Boca Raton/Delray Beach office is the third Florida location for NewEdge Wealth, which launched in December 2020. The Stamford, Conn.-based firm now has 13 offices, including locations in Atlanta, Miami, Nashville, and San Francisco.
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