Merrill Lynch has announced that John R. Tyers will join the firm as president of Broadcort, a providers of clearing services to U.S. broker-dealers for more than 30 years. Tyers will report to managing director Michael Perry, head of Corporate and Investment Services in the firm’s Global Wealth Management group.
Broadcort provides clearing services to broker-dealers and wealth management solutions to independent advisors, and is a critical component of Global Wealth Management’s channel growth strategy. Broadcort will capitalise on a robust platform to leverage all of the firm’s capabilities to power the growth of clients in this important market segment.
“Global Wealth Management recognises the importance of serving multiple channels and the potential for this business. Hiring John to lead it day-to-day further underscores our commitment to winning in this space,” says Dan Sontag, senior vice president, head of Americas Wealth Management.
Bob McCann, president of Global Wealth Management, added, “Broadcort is complementary to our traditional Financial Advisor channel, in which we are by far the industry leader, and is a way for us to further leverage our capabilities and deliver growth and value to our shareholders.”
Mr. Tyers joins the firm with more than 15 years of experience in financial services, focusing on the investment advisor, brokerage, technology and investment management markets. Most recently, Mr. Tyers served as senior managing director and co-head of Bear Stearns Broker Dealer and Investment Advisor Services, now part of JPMorgan, where he was responsible for leading and executing the growth strategy and day-to-day operations of the group.
“John brings a wealth of knowledge to his role as head of Broadcort, and he’s uniquely qualified to help us leverage the investment Merrill Lynch is making in this business. I am very pleased that John has decided to join Merrill Lynch,” says Perry.
While at Bear Stearns, Mr. Tyers was also responsible for launching and building the Investment Advisor Services business, leading a number of initiatives related to product development, organizational development, business strategy and the establishment of the sales organisation.
Mr. Tyers earned a Bachelor of Arts in psychology from the University of Georgia.