Bolton continues NYC expansion with $550m Morgan Stanley team

Independent broker-dealer Bolton Global Capital has ramped up its expansion in New York City with the addition of Morgan Stanley international advisors Ruben Lerner and Manuel Uranga.

After nine years as managing directors at Morgan Stanley, where they advised on an international client book of $550 million, Lerner and Uranga have launched A Plus Capital, which will be headquartered in Manhattan at 515 Madison Avenue, Bolton has announced.

Junior partner Ariel Materin, client associate Jennifer Ramos and office manager Olga Lopez  also join from Morgan Stanley. Materin will manage client acquisition and investment strategy for the team while Ramos will be based in A Plus Capital’s Miami location and Lopez will manage the New York office.

Lerner, originally from Venezuela, and Uranga, from Spain, service clients across Europe, Latin America and the US.

The duo joined Morgan Stanley from Smith Barney, which was then still part of Citi, in 2008 with sales assistants Dolores Alcaide-Mendez and Jennifer Ramos. Alcaide-Mendez remains with Morgan Stanley.

Custody of client assets will be held through BNY Mellon Pershing. Bolton will be providing compliance, back office, and marketing support as well as the wealth management and trading technologies for the A Plus Capital team.

Morgan Stanley confirmed the team’s exit, but declined to comment further.

Bolton’s big plans

The Bolton, Massachusetts-based business is looking to continue to acquire more than $850 million in client assets in New York City market before the end of 2017.

It entered the region in May when former HSBC private banker Ethan Assouline joined the broker-dealer.

Over the last two years Bolton had been targeting advisors in Miami, adding international teams that had left wirehouses and private banks due to internal policy changes during that period. It now has over $4 billion in assets under management from non-US resident clients.

Ruben Lerner and Manuel Uranga Join Bolton’s New York Team

Independent broker-dealer Bolton Global Capital has ramped up its expansion in New York City with the addition of Morgan Stanley international advisors Ruben Lerner and Manuel Uranga.

After nine years as managing directors at Morgan Stanley, where they advised on an international client book of $550 million, Lerner and Uranga have launched A Plus Capital, which will be headquartered in Manhattan at 515 Madison Avenue, Bolton has announced.

Junior partner Ariel Materin, client associate Jennifer Ramos and office manager Olga Lopez also join from Morgan Stanley. Materin will manage client acquisition and investment strategy for the team while Ramos will be based in A Plus Capital’s Miami location and Lopez will manage the New York office.

Lerner, originally from Venezuela, and Uranga, from Spain, service clients across Europe, Latin America and the US.

The duo joined Morgan Stanley from Smith Barney, which was then still part of Citi, in 2008 with sales assistants Dolores Alcaide-Mendez and Jennifer Ramos. Alcaide-Mendez remains with Morgan Stanley.

Custody of client assets will be held through BNY Mellon Pershing. Bolton will be providing compliance, back office, and marketing support as well as the wealth management and trading technologies for the A Plus Capital team.

Morgan Stanley confirmed the team’s exit, but declined to comment further.

Bolton’s big plans

The Bolton, Massachusetts-based business is looking to continue to acquire more than $850 million in client assets in New York City market before the end of 2017. It entered the region in May when former HSBC private banker Ethan Assouline joined the broker-dealer.

Over the last two years Bolton had been targeting advisors in Miami, adding international teams that had left wirehouses and private banks due to internal policy changes during that period. It now has over $4 billion in assets under management from non-US resident clients.

BNY Capital Market Perspectives

Wake me up when September begins

Rather than the late summer doldrums, August has proven unusually active. With various volatility measures starting the month at or near multi-year lows, last week’s geopolitical flare-ups drove some of the largest percentage jumps in these indices since the US election.

In an all too familiar pattern, market fear quickly faded as most asset classes have returned to levels prior to the tete-a-tete between the US and North Korea. As the attached table indicates, the initial movements towards lower yield, falling equity values and a weaker USD have been mostly been erased. Wider credit spreads and weaker commodities have yet to retrace all of last week’s losses.

While we seem to always be just a tweet away from another spike in volatility, looking towards September we provide the following risk guide of significant events for the market.

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BNY Capital Market Perspectives

FOMC Preview

When the Fed meets next week, the market generally expects that policy makers will raise rates for the 3rd time in 6 months, moving the median Funds rate to 1.125%. Despite rising anxiety on inflation after a below trend 1Q:17 GDP print, the Fed’s desire to continue the normalization policy is viewed as outweighing these concerns at the moment. The minutes to the May meeting affirmed this view with most on the committee finding it appropriate to continue removing monetary accommodation, a message that has been mostly affirmed by recent Fed speakers. While weak data was generally viewed as transitory the last time the Committee met, recent Fed speak has moved to a more cautious tone, with several members recently raising inflation concerns. Ultimately, we do not think that these concerns will play into their June decision, especially with June odds above 90%, which may be the most important data point at this moment. Therefore, presuming they raise rates next week, investors will then turn their attention to the Fed’s view on rate hikes for the remainder of 2017 and its plans for 2018. Encapsulated in this discussion will be an update to the economic projections, which was last revised during their March meeting. As the table below indicates, GDP, unemployment and inflation are all running below the Fed’s full year projections, likely requiring that they bring this data closer to actual results. The weak 1Q:17 GDP results have been characterized as transitory by the Fed, a view supported by the 3.4% and 2.2% current quarter estimate provided by NOWCAST and GDPNOW tracking tools. Therefore, we don’t think that the Fed needs to update its GDP forecast during next week’s meeting, thereby sending the message that things are progressing as expected. In contrast, unemployment is already below its year end forecast which will likely require and adjustment to at least matching the last 4.3% reading. With weekly claims remaining near lows last seen in the 1970s and recent JOLTs data at record highs, there are no indications that the UER cannot be pushed down further. The trickiest change will be in its inflation expectations, particularly given that the FOMC will be forced to move its full employment goalpost, with the old target yet to generate wage inflation. As both the headline and core PCE readings have weakened recently, the changes adopted by the Fed will present an outlook on the permanence of the recent downturn in pricing pressure. The ECB provided a glimpse on the longer term inflation challenges as it lowered its targets through 2019, despite upgrading its growth outlook.

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$650 Million AUM Advisor Joins Bolton

Bolton Global Capital is pleased to announce that Euclides Moreno has joined the firm’s Miami office. Mr. Moreno held the position of Managing Director with Merrill Lynch where he worked for the past 17 years. He has built a successful international wealth management practice with $650 million in client assets and $6.4 million in annual revenues. He was among the top producers in Merrill Lynch’s international wealth management complex in Miami.

Mr. Moreno will be operating his business under the name: The Moreno Wealth Management Group Client accounts will be held and maintained through BNY Mellon Pershing, the world’s largest clearing firm. BNY Mellon is the oldest banking institution in the US founded by Alexander Hamilton in 1784 and is the world’ largest custodian with more than $30 trillion in assets held in custody. Through the BNY Mellon Pershing platform, The Moreno Wealth Management Group will have access to markets and exchanges in more than 65 countries and can service their clients on a global basis.

Bolton will provide back office, compliance and technical support to the Moreno team. Through Bolton’s independent business model, financial advisors acquire better ownership and control of their book and are provided with turnkey solutions to set-up, brand and run their businesses with all of the capabilities, services and products of the major wirehouses and private banks. Financial advisors also capture a substantially higher share of the revenues generated from their businesses. Many of the largest teams at the major banks and wirehouses have transitioned to the independent business model over the last few years. Nine teams from the major firms with over $1.5 billion in client assets transitioned to Bolton last year.

“We are proud to have such a top notch professional affiliate with our organization and we look forward to supporting the continued growth of his business.” stated Ray Grenier, CEO of Bolton. Mr. Moreno is a graduate of Babson College in Wellesley Massachusetts. He holds the CIMA designation, awarded by IMCA in conjunction with the Wharton School at the University of Pennsylvania. Prior to joining Merrill Lynch in 2000, he worked in his family’s banking business in Venezuela. He lives Cocoplum with wife Sandra, sons Carlos Alfredo, Juan Diego and daughter Silvana.

Bolton Global Capital has been a broker dealer and FINRA member firm for 32 years with over $6 billion in client assets and 40 branch offices across the US. The firm’s SEC Registered Investment Advisor operates under the name Bolton Global Asset Management.

Bolton Global Capital
579 Main Street
Bolton, MA 01740
(800) 649-3883

Euclides Moreno se une a Bolton Global

Bolton Global Capital ha sumado al equipo de su oficina de Miami a Euclides Moreno, quien mantendrá la denominación “The Moreno Wealth Management Group” con la que ya operaba anteriormente. Moreno ejercía de managing director en Merrill Lynch liderando una práctica con 650 millones en activos de clientes internacionales, que suponía 6,4 millones en ingresos para la firma, y un equipo de siete profesionales.

En esta nueva etapa, los activos de los clientes serán custodiados por BNY Mellon Pershing, plataforma a través de la cual tendrán acceso a mercados de 65 países, mientras que Bolton proveerá el back office, compliance y apoyo técnico al equipo de Moreno.

“Estamos muy orgullosos de que otro de los mejores profesionales se una a nuestra firma y estamos deseando apoyar el continuo crecimiento de su negocio”, declaró Ray Grenier, CEO de Bolton. La oferta de Bolton ya atrajo el año pasado a nueve grandes equipo de los principales bancos y broker dealers, lo que resultó en la transferencia a la plataforma de un total 1.500 millones en activos.

Antes de unirse a Merrill Lynch, firma a la que ha estado ligado durante 17 años, Moreno trabajó en el negocio bancario de su familia en Venezuela.

Bolton hires $650m ex-Merrill advisor

Senior international financial advisor Euclides Moreno, head of one of Merrill Lynch Wealth Management’s top Miami teams, has left after 17 years with the firm, Citywire Americas can reveal.

According to sources familiar with the situation, Moreno is in talks to join an independent broker-dealer.

Moreno’s group at Merrill Lynch manages over $800 million and has produced around $8 million annually, according to a source. It is understood that the remaining members of the seven-strong Moreno Wealth Management Group team have not resigned and continue with Merrill.

Merrill Lynch declined to comment on the departure.

Moreno joined Merrill Lynch in 2000 and advised both US and non-US clients, with a focus on Venezuela. Moreno’s exit follows that of a number of teams who’ve left Merrill Lynch since July 2015 after it refocused its non-resident client business and added a number of restrictions and requirements to its client onboarding process.

While Venezuela falls within the range of 29 countries Merrill Lynch still services, prospective clients in this country must invest a minimum of $5 million to meet new requirements. They would also have to visit their international advisors at least once a year in the US.

Merrill’s revamp has allowed for international broker-dealers and RIAs such as Bolton Global Capital, Investment Placement Group, Global Investor Services to earn a bigger slice of the international advisory pie since these change were announced. They’ve also benefited from large private banks like Credit Suisse and RBC moving out of this space.

However, just last week Merrill recruited Leon Friedlander, who also specializes in advising Venezuelan clients, from Morgan Stanley.

While the wirehouse saw a number of exits in the 18 months after its initial changes, the firm has been selectively recruiting and has announced two hires in the last two months.

Por Qué los Asesores se Reinventan Como Independientes

Este último año, Bolton Global, uno de los 50 mayores broker dealer independientes de Estados Unidos, ha visto cómo su equipo de asesores financieros ha crecido sustancialmente en todo el país,y especialmente en Miami, una plaza importante en la industria del wealth management internacional. La firma ha ido anunciando sus últimas incorporaciones que, a su vez, han servido de llamada para otros asesores contemplando, o en proceso de, un cambio.

Entre noviembre de 2015 y diciembre de 2016, la versión digital de Funds Society ha publicado una serie de nuevas incorporaciones a la firma, entre ellas The Perez Group, Eduardo Robson, Daniel Aymerich, Soraya Batista-Gracía, Eddie Moreno,  Alex Astudillo, Ángela Canas, Tanya Duarte y Archivaldo Vásquez, Felipe Ballestas, Oscar Guevara, Samuel Nunez, Ricardo Morean, Christian Felix, Henrique Pinheiro y Diogo Scelza. En esta ocasión, hemos querido hablar con Ray Grenier, CEO de Bolton Global, para descubrir las claves del irresistible modelo de esta firma.

Bolton Global es uno de los 50 mayores broker dealers independientes de Estados Unidos, con más de 32 años de historia y 45 sucursales, Cuyos ingresos y activos bajo gestión por asesor financier en active lo sitúan entre las firmas independientes líderes del país. En el último año, Bolton Global ha visto como  más de 15 asesores con clients internacionales se han unido a su plataforma, muchos de ellos en Miami.

Pero, qué explica este éxito. La primera pregunta para el CEO de Bolton Global es clara: ¿Por qué los asesores financieros eligen ligarse a Bolton Global?

“No contamos Con un equipo de captación de FAs, hemos crecido fundamentalmente mediante el boca a boca”. Su major herramienta para captar nuevos equipos de financial advisors son los propios FAs que ya trabajan en Bolton, que les refieren a otros equipos con activos de calidad y amplia experiencia. “Un equipo contento y que cuenta con todo el apoyo de la organización para desempeñar su trabajo es el mejor embajador para atraer nuevo talento a la firma”, dice Ray Grenier.

“Nuestra plataforma permite a los FAs establecer su propia marca, el equity en sus cuentas de resultados y generar ingresos netos ustancialmente mayores,después de los gastos. Ofrece soluciones llave en mano para crear un modelo de negocio independiente, desarrollar la marca y el logotipo de la compañía, la página web y material promocional, para configurar la infraestructura de la oficina y plataformas tecnológicas,así como soluciones para capacitar al personal. También proporcionamos todo el respaldo administrativo de cumplimiento normative y supervisión para procesar el negocio de manera eficiente y efectiva, de acuerdo con las reglas y regulaciones de la industria”, explica Grenier. “A Través de Bolton, los FAs tienen acceso a todas las capacidades, productos y servicios disponibles a través de los principals wirehouses y bancos privados”, resume. Se trata de asesores que, en el 90% de los casos, se unen a Bolton después de una exitosa experiencia en alguno de los grandes broker dealers estadounidenses, cuyas carteras superan los 100 millones de dólares y cuentan con una experiencia professional de más de 15 años en la industria. En su mayoría son ciudadanos estadounidenses o profesionales que cuentan con los pertinentes visados para residir en el país, aunque la enseña también cuenta con varios asesores de inversion afiliados que operan desde otros mercados con capacidades registradas plenas.

 

JP Morgan Securities duo with $200M in AUM joins Bolton Global Capital ​

A JP Morgan Securities team that managed more than $200 million has joined Bolton Global Capital, according to the independent hybrid firm said.

Agustin De Estrada and Manuel Lecour are working as Aurora Partners and operating from Miami, the Boston-based Bolton said in a press release. Bolton clears and custodies securities with Pershing.

Agustin De Estrada began his career as a financial adviser with Merrill Lynch in 2002. He moved to JP Morgan in 2008. Manuel Lecour joined Citigroup Global Markets in 2008 and moved to JP Morgan Securities in 2012, where he and Mr. De Estrada began working as a team. They serve clients in Latin America, Europe and the U.S.

Marcela Aroyave, who also transferred from JP Morgan, manages client service operations for the team.