We've grown accustomed to executives leaving top investment banks to join private equity firms and launch hedge funds. But David Komansky, William Schreyer and Dan Tully--all former CEOs of Merrill Lynch--have agreed to financially back Fieldpoint Private Bank & Trust, expected to open for business in February, according to Financial News Online. Other big-name backers include Jerome Kohlberg, Jospeh Grano and Joe Moglia. The launch may strike many as ill-timed, given the pressure on margins in the wealth management business. But hey, that never stopped anyone from starting up yet another hedge fund. Fieldpoint expects to make an immediate splash, a must if it wants to survive.  

For more:
- here's the Financial News Online article