(Updated with clarification on which of the RIA’s expenses Pershing will cover.)

A Merrill Lynch broker managing over $1.35 billion in assets for around 20 ultra-wealthy customers has left to launch his own advisory firm in Boston.

Joseph C. Cefalu exited on Friday after 14 years with Merrill to open Downtown Wealth Studios LLC, the broker confirmed in an interview. Cefalu moved along with two junior advisors, including his wife, Kathleen, and ​​Dinghao “Peter” Jiang.

Cefalu, who started his career with Goldman Sachs in 1999, said he had been mulling a move for several years as the wirehouse environment had become more restrictive. He wanted to be able to advise clients on their private investments, including real estate, art and private equity, which were off Merrill’s platform and eventually recruit other advisors to join his firm.

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