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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$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.

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.

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.

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.

Ex-RBC and Wells Fargo exec joins Bolton as development director

Former RBC Wealth Management director Ricardo Morean has joined Bolton Global Capital as its new business development head.

Morean, who has worked across management teams at a number of international wealth units in his 24 year career, joined Bolton and GEA Capital, a Bolton affiliated advice firm based in Miami, last week.

Bolton hopes to leverage Morean’s experience of growing the international wealth management businesses of Merrill Lynch, Wells Fargo and RBC where he was in charge of branch complexes in New York, Miami and Latin America, according to a statement from the firm.

He will be responsible for business development for Bolton Global as well as GEA Capital, a team formerly with RBC which launched in 2013.

Morean began his career as a financial advisor with Merrill Lynch in 1992. He eventually took on positions in business development and branch management with Merrill Lynch’s Latin American operations and oversaw the firm’s international financial advisors in the New York, Miami and San Diego.

After Merrill Lynch was acquired by Bank of America in 2008, he joined Wells Fargo as a regional managing director responsible for the firm’s international advisors in Miami and New York until 2010.

His most recent role in this capacity was as head of RBC’s international advisor group’s offices in Miami, New York and San Diego until RBC closed its non-US client business in 2015.

Following RBC’s closure, Morean joined Banco Santander as a private banker.

Bolton Boom

Bolton has been on a Miami recruitment spree over the last year, adding over nine teams with over $1.2 billion since November 2015. A majority of its new teams have come over from Merrill Lynch, which decided to scale back its global advice unit in July 2015.

In June it told Citywire Americas that it is planning to hire additional teams representing over $1.5 billion in client assets over the next six to 12 months.

The majority of these new additions are industry veterans with a long history at the wire house giant who have opted to follow the firm’s original big fish: Francis Verstraeten. The Verstraeten Group is still Bolton’s largest recruitment to date with over $800 million back in 2011 as Merrill Lynch sold its non-US offices to Julius Baer.

$125M Merrill adviser goes indie

A Merrill Lynch adviser who managed $125 million in client assets left the wirehouse to go independent with help from Bolton Global Capital, a spokeswoman said.

Samuel Nunez joined TransAtlantic Investment Partners, a San Diego-based firm opened by former Merrill complex director James Jiao last year. Jiao already was working with Bolton Global.

The independent broker-dealer works with wirehouse advisers who served both U.S. and foreign clients, and managed $100 million or more in client assets. Bolton Global provides compliance, back office, trading and technology support. Client assets are held by BNY Mellon-Pershing and other custodians, according to the firm.

Nunez made $1 million in production while at the wirehouse, the Bolton Global spokeswoman says, and his clients are primarily located in Mexico and the U.S. He started his career at Merrill Lynch in 1993, according to FINRA BrokerCheck records.

Jiao had been with Merrill for 18 years before hanging his own shingle, according to Bolton Global.

The firm has actively recruited wirehouse advisers over the past year, grabbing eight Merrill Lynch teams that managed more than $1.5 billion in combined assets, the spokeswoman says.

A spokeswoman from Merrill Lynch declined to comment on Nunez’s departure.