Two former Merrill Lynch wealth management advisors are launching a new investment management business, according to Investment News.

Eric Brugel and Jeff Erber, who most recently served at Merrill Lynch’s Private Banking and Investment Group, have formed Grey Owl Capital Management, a Falls Church, Virginia-based high net worth specialist with $160 million in client assets.

“All of the resources of the large Wall Street firms are designed to sell the firm’s products in a broadly diversified way,” managing director Mr Erber was quoted by the publication as saying. He added that the partners left Merrill because they wanted to spend more time making investment decisions for clients.