$6.4M adviser leaves Merrill Lynch

A Merrill Lynch adviser who oversaw $650 million in client assets left the wirehouse earlier this month to join Bolton Global Capital, his new employer said.

Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.

The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.

His departure comes after Merrill announced it was cutting back on recruiting experienced advisers. The firm will instead focus on growing its brokerage force by training new talent and hiring young advisers from its competitors.

Merrill recently reported its headcount fell by 145 advisers to 14,484 advisers for the first quarter. Some departing advisers have cited concerns over the firm’s plans to cease offeringcommission-based retirement accounts, though Merrill said last week that it would relax those restrictions.

For Moreno, Bolton says it will provide back office, compliance and technical support. Client assets will be custodied through Pershing, the company says.

Bolton has more than $6 billion in client assets and 40 branch offices across the United States, according to the company.

$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.

JP Morgan Team with $200 Million in Client Assets Joins Bolton Global

Bolton Global Capital is pleased to announce that Manuel Lecour and Agustin De Estrada have joined the firm’s Miami office. This team, formerly with JP Morgan Securities, manages over $200 million in client assets.

Agustin De Estrada began his career as a financial advisor with Merrill Lynch in 2002 and then moved his book to JP Morgan in 2008. Manuel Lecour first became licensed with Citigroup Global Markets in 2008 and joined JP Morgan Securities in 2012 where he and Mr. De Estrada began working as a team. Since then, they have built as broad based international business serving clients from Latin America, US and Europe.

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

We are proud to have such well respected professionals affiliate with our company and look forward to supporting the continued growth of their wealth management business.

The team will operate under the trade name Aurora Partners.

Christian Felix Joins Bolton Global Capital

Christian Felix has joined Bolton Global Capital. Felix, formerly with the Merrill Lynch office in Coral Gables, Florida, manages client assets worth more than $120 million. This latest transition continues Bolton’s success this year in converting Miami based financial advisors from the major wirehouses to the independent business model. The advisors joining the firm’s Miami office in 2016 collectively manage over $1.2 billion in client assets.

Christian Felix was born in Ecuador and began his career in 2002 with Lloyds Bank in Ecuador and was later transferred to Miami. In 2006, he moved to Santander Private Bank International as Vice President where he remained until joining Merrill Lynch in 2010 as First Vice President in the firm’s international wealth management complex. He services high net worth clients primarily from Ecuador, Colombia, Bolivia and Venezuela.

To bolster its footprint in international wealth management, Bolton recently hired Ricardo Morean, who has managed major complexes in Miami, New York and Latin America for Merrill Lynch, Wells Fargo and RBC. The firm expects continued robust growth in its business in 2017.

Bolton Nets Another Merrill Advisor With $120m Client Book

Bolton Global Capital is showing no signs of slowing down its recruitment drive after hiring yet another advisor from Merrill Lynch, Citywire Americas has learned.

The Bolton, Massachusetts-based broker-dealer is continuing its offshore expansion with the hire of Christian Felix from the US wealth management giant’s Coral Gables office in Florida.

He will join other former Merrill advisors in Bolton’s Miami office which so far this year has added advisors managing over $1.2 billion in collective client assets.

Bolton Global also said in its statement that it expects ‘continued robust growth in its business in 2017’. Felix joined Merrill Lynch in 2010 as first vice president in its international wealth complex and managed client assets worth more than $120 million. During his time at Merrill he catered to clients primarily from Ecuador, Colombia, Bolivia and Venezuela.

Ecuadorian-born Felix started off his career in 2002 with LloydsBank in Ecuador before later being transferred to Miami. In 2006 he joined Santander Private Bank International as vice president where he remained until joining Merrill Lynch.

New recruits

In October, Bolton Global announced the hire of Ricardo Morean, a 24-year wealth management veteran, as the head of its business development as well as for GEA Capital, a Bolton affiliated advice firm based in Miami.

Morean and Felix’s hire follows a wave of new advisor teams joining Bolton over the last year, with its Miami office adding over nine teams with more than $1.2 billion in client assets since November 2015.

A large portion of these new teams are former Merrill Lynch advisors, which are understood to have left after the US group decided to scale back its global advice unit in July 2015.

Antiguo ejecutivo de RBC y Wells Fargo se une a Bolton como director de desarrollo

El ex director de RBC Wealth Management Ricardo Morean se ha unido a Bolton Global Capital como su nuevo jefe de desarrollo de negocios.

Morean, quien ha trabajado en varios equipos de gestión a través de un número de unidades internacionales de riqueza en su carrera de 24 años, se unió a Bolton y GEA Capital, una empresa de asesoría afiliada a Bolton con sede en Miami, la semana pasada.

Bolton espera aprovechar la experiencia de Morean de hacer crecer los negocios internacionales de gestión de la riqueza de Merrill Lynch, Wells Fargo y RBC donde estuvo a cargo de los complejos de sucursales en Nueva York, Miami y Latinoamérica, según un comunicado de la firma.

Él será responsable del desarrollo comercial de Bolton Global así como de GEA Capital, un equipo que RBC que se lanzó en 2013.

Morean comenzó su carrera como asesor financiero con Merrill Lynch en 1992. Con el tiempo tomó posiciones en desarrollo de negocios y la gerencia de sucursales con operaciones en América Latina de Merrill Lynch y supervisó los asesores financieros internacionales de la firma en New York, Miami y San Diego.

Después de que Merrill Lynch fue adquirido por Bank of America en 2008, se unió a Wells Fargo como director ejecutivo regional responsable de los asesores internacionales de la firma en Miami y Nueva York hasta 2010.

Su rol más reciente en esta capacidad fue como jefe de las oficinas del grupo asesor internacional de RBC en Miami, Nueva York y San Diego hasta que RBC cerró su negocio de clientes fuera de Estados Unidos en 2015.

Tras el cierre de RBC, Morean se incorporó al Banco Santander como banquero privado.