Wirehouse says hire proves its commitment to indie-channel custody bsuiness. John Tyers, former co-head of Bear Stearns' Broker-Dealer & Investment Advisor Services, is going to join Merrill Lynch's Broadcort, a clearing-and wealth-management service provider to independent broker-dealers.

Tyers will report to Michael Perry, head of Corporate and Investment Services in Merrill's Global Wealth Management (GWM) group.

A year later

Merrill "recognizes the importance of serving multiple channels and the potential for this business," says Dan Sontag, head of the firm's wealth-management business in the Americas. "Hiring John to lead it day-to-day further underscores our commitment to winning in this space."

As senior managing director and co-head of Bear Stearns' broker-dealer and RIA custody and clearing business, Tyers was responsible for leading and executing the growth strategy and day-to-day operations of the group.

This time last year the Bear Stearns Global Equities unit Tyers led with Joe Triarsi was in the throes of revamping its technology platform and mounting a marketing push to support its bid to win business away from players like Schwab, Fidelity and Pershing.

Bear Stearns is now part of JPMorgan Chase. -FWR

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