(22 March 2010 – Australia) Macquarie has reportedly hired a US-based Merrill Lynch executive to head up the investment bank’s Private Wealth group.According to The Australian newspaper, Eric Schimpf is moving to Australia take up the position as private wealth group head, leaving his position at Merrill Lynch as director of retail brokerage and ultra high net worth businesses in the US southeast.
As part of his role Mr Schimpf will be responsible for managing Macquarie Private Wealth’s 425 advisers in Australia, New Zealand and Asia; Mr Schimpf will be replacing Peter Coleman, who left the investment bank in late 2009.
Mr Schimpf has worked at Merrill Lynch since 1994, starting as a financial broker then working his way up into a string of management positions with the firm, The Australian reported.