Merrill Lynch & Co. Inc. said it has hired John R. Tyers as the president of Broadcort, its clearing services unit for U.S. broker-dealers.
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Merrill announced Mr. Tyers' hiring last week. He was a senior managing director and co-head of the broker-dealer and investment adviser services unit of Bear Stearns Cos., which is now part of JPMorgan Chase & Co. He ran the group's growth strategy and day-to-day operations.
While at Bear Stearns, Mr. Tyers also launched and built its investment advisory services business.
Broadcort provides clearing services to broker-dealers and wealth management solutions to independent advisers.
