A new multi-family office in Texas has opened its doors to serve families with significant wealth from the oil and gas industries, launched by an ex-Merrill Lynch team using Dynasty Financial Partners’ wealth management and technology platform.

A new multi-family office in Texas has opened its doors to serve families with significant wealth from the oil and gas industries, launched by an ex-Merrill Lynch team using Dynasty Financial Partners’ wealth management and technology platform.

Syntal Capital Partners is based in Midland, TX and was officially launched by ex-Merrill advisors Chad Clary and Dane Crunk on 4 May as an independent advisory firm registered with the Securities and Exchange Commission.

Along with Clary and Crunk, who had been with Merrill’s Private Bank and Investment Group since 2006, team members Cressinda Hyatt, Barry Brauchi, Raquel Padilla and Clarissa Kuzmich are joining Syntal.

The move highlights the ongoing transfer of staff from the large wirehouses to the RIA space, as well as the appeal of the multi-family office model in the current environment – where mistrust over conflicts of interest is still rife.

Meanwhile, the Texan wealth management industry continues to be buoyed by the relative health of the economy in the state – where the unemployment rate was 7 per cent in March, compared to the US rate of 8.2 per cent, according to data from Comerica Bank.

The Lone Star State accounted for 20 per cent of oil and 33 per cent of natural gas extraction in the US as of the first quarter of 2011, and employed some 200,000 people in exploration, production and oil services statewide, according to a report from the Federal Bank of Dallas.

“Our network of clients and our location in the heart of the energy industry gives us particularly useful insight into the energy market. We believe there is tremendous potential for broadening our existing relationships and developing new ones with clients who are involved in the energy sector,” said Clary.

The new company will leverage Dynasty’s capabilities including technology, managed investments, institutional research, trust and insurance services and credit facilities. Dynasty’s investment platform integrates proprietary research from Callan Associates with Envestnet's technology. Fidelity Investments and Pershing Advisor Solutions will provide clearing and custody services. It is the twelfth company to join Dynasty’s network.