Bolton Continues Expansion in NYC with Addition of Morgan Stanley Team

Bolton Global Capital is pleased to announce that the team of Ruben Lerner and Manuel Uranga have joined the firm. They have been affiliated with Morgan Stanley as managing directors since 2008 and currently manage a book of $550 million.

Their new firm, A Plus Capital, is headquartered in New York City at 515 Madison Avenue and will have an office in Miami.  With over 30 years in combined industry experience with Morgan Stanley, Smith Barney and Citigroup Global Markets, the partners will continue to service high net worth clients in Europe, Latin America and the US, offering a broad range of investment solutions. Their junior partner Ariel Materin, formerly of Morgan Stanley, will also be joining A Plus Capital to manage client acquisition, as well as investment strategy.

Custody of client assets will be held through BNY Mellon Pershing, the world’s largest clearing firm. BNY Mellon is oldest US banking institution and the largest global custodian with over $30 trillion in assets, doing business in more than 60 countries. 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.

Mr. Uranga holds a Masters in Economics and Business Administration from CUNEF (Colegio Universitario de Estudios Financieros) in Spain. Mr. Lerner holds a Masters in Business Administration from Boston University and a Bachelor of Finance degree from Universidad Metropolitan in Venezuela. Mr. Materin graduated from Drexel University with a Bachelor in Business Administration.

The addition of the Lerner Uranga team represents a continued expansion by Bolton into the New York City market. The firm expects to add more than $850 million in client assets managed by teams recruited this year in New York City market.

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.

Bolton contrata equipo de $550 millones de Morgan Stanley en Nueva York

La corredora de bolsa independiente Bolton Global Capital continuó su expansión en Nueva York con la incorporación de los asesores internacionales de Morgan Stanley, Ruben Lerner y Manuel Uranga.

Después de nueve años como directores ejecutivos de Morgan Stanley, donde asesoraron en una nómina de clientes internacionales por un total de $550 millones, Lerner y Uranga lanzaron A Plus Capital, que tendrá su sede en Manhattan en 515 Madison Avenue, anunció Bolton.

La socia junior Ariel Materin, la asociada de clientes Jennifer Ramos y la gerente de oficina Olga Lopez también se unen de Morgan Stanley. Materin administrará la adquisición de clientes y la estrategia de inversión para el equipo, mientras que Ramos se basará en la ubicación de A Plus Capital en Miami y López administrará la oficina en Nueva York.

Lerner, originaria de Venezuela, y Uranga, de España, prestan servicios a clientes de toda Europa, América Latina y Estados Unidos.

El dúo se unió a Morgan Stanley desde Smith Barney, que seguía siendo parte de Citi, en 2008 con los asistentes de ventas Dolores Alcaide-Mendez y Jennifer Ramos. Alcaide-Ménde sigue en Morgan Stanley.

La custodia de los activos de clientes se llevará a cabo a través de BNY Mellon Pershing. Bolton proporcionará soporte de cumplimiento, back office y mercadeo, así como las tecnologías de administración y trading de patrimonios para el equipo de A Plus Capital.

Morgan Stanley confirmó la salida del equipo, pero se negó a comentar más.

Los planes de Bolton

El negocio con sede en Bolton, Massachusetts, busca continuar adquiriendo más de $850 millones en activos de clientes en el mercado de Nueva York antes de finales de 2017.

Entró en la región en mayo, cuando el ex banquero privado de HSBC Ethan Assouline se unió a la corredora.

Durante los dos últimos años, Bolton había estado buscando asesores en Miami, agregando a los equipos internacionales que habían dejado las grandes firmas y bancos privados debido a cambios de política interna durante ese período. Ahora tiene más de $4.000 millones en activos bajo administración de clientes no residentes en los Estados Unidos.

$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.

Bolton Global Or Why The Advisors Reinvent Themselves As Independents

This past year, Bolton Global, one of the 50 largest independent broker dealers in the United States, has seen its team of financial advisors grow substantially throughout the country, and especially in Miami, an important place in the international wealth management industry. The firm has announced the appointments, which, in turn, served as a call for other advisers contemplating, or in the process of, a change. From November 2015 to December 2016 the digital version of Funds Society has published such a series of appointments – The Perez Group, Eduardo Robson, Daniel Aymerich, Soraya Batista-Gracía, Eddie Moreno, Alex Astudillo, Ángela Canas, Tanya Duarte and Archivaldo Vásquez, Felipe Ballestas, Oscar Guevara, Samuel Nunez, Ricardo Morean, and Christian Felix – that we wanted to speak with Ray Grenier, CEO of the firm, to discover the keys to this firm’s irresistible model.

Bolton Global is one of the 50 largest independent broker dealers in the US. With 32 years of track history and 45 branch offices, it ranks among the top of independent firms in annual revenue and AUM per producing FA, across the US. This last year, Bolton Global has seen more than 15 advisors with international clients join the firm, many of whom are based in Miami.

What is the key? Why do financial advisors choose to join Bolton Global? How do they arrive at the firm and what does it offer them? “We do not have an FA recruiting team, we have grown fundamentally through word of mouth.” The best tool to attract new teams of financial advisors are the FAs that already work in Bolton, who refer other teams with quality assets and extensive experience. “A happy team that has the full support of the organization to carry out its work is the best ambassador to attract new talent to the firm,” says its CEO.

Ray Grenier, CEO explains: “Our platform allows FAs to establish their own brand name, capture the equity in their book of business and generate a substantially higher net income after expenses. Bolton provides turnkey solutions to incorporate the business, develop a company logo and company promotional materials, develop and establish a professional website, set up office infrastructure and train staff. We also provide all of the back office and compliance support to process the business efficiently and effectively in accordance with industry rules and regulations.

Through Bolton, FAs have access to all of the capabilities, products and services available through the major wirehouses and private banks.”

We are talking about Financial Advisors who had prior successful careers at the major US wirehouses in 90% of cases, with a client book of over $100 million and 15 or more years of industry experience. Most of them are US citizens or visa holders. Bolton also has several affiliated financial advisors operating from offshore locations in a fully registered capacity.

When talking about attracting clients, Grenier says the financial crisis of 2008 highlighted the importance of financial institution safety and security. BNY Mellon is a global financial institution with the highest safety rankings among the largest US banks. This provides clients with the security that their assets are held through a solid financial institution which also supports international business.

He adds: “BNY Mellon is the oldest US bank, founded by Alexander Hamilton in 1784 and is the world’s largest custodian with more the $30 trillion in assets under custody. It’s clearing subsidiary, Pershing is the world’s largest clearing firm servicing over 100,000 financial advisors working at financial institutions in over 60 countries.

In addition to providing clients with superior safety and security, the BNY Mellon companies furnish Bolton with all of the capabilities, products and services of the major wirehouses and private banks for both domestic and international clients.

As an independent firm, Bolton offers clients a pure wealth management play as the firm does not engage in investment banking or underwriting and generally avoids illiquid products.”

Bolton has a wide mix of customers from the United States, Latin America and Europe. Among the international clients, the firm has a strong representation in Argentina, Spain, Uruguay, Mexico and Panama.

The average account size is over $500,000 with the average relationship over $1 million. Portfolios hold a mix of stocks, bonds, ETFs and mutual funds managed either by the FA or by third party asset managers.

In the international business, around 40-50% of the assets are in mutual funds. Bond portfolios also prevail, as is customary in Latin American clients. Ray Grenier also points out that some of its representatives work with portfolios of UCITS ETFs domiciled in Europe, which represent a tax advantage over US-based ETFs.

Although Pershing is able to carry out the full range of services its clients require, Bolton’s financial advisors (FAs) can also work with a number of local banks that offer advantageous conditions for leveraging their asset portfolios, including international mutual funds. Thus, the FAs that join the Bolton platform can carry out the transition of the assets of their clients without losing functionalities over the broker dealers in which they worked previously.

Bolton provides FAs with a complete set of research tools to manage their client portfolios including recommended buy-sell lists, model portfolios, analytics, and performance reporting. Financial advisors have the flexibility to advise clients on the composition of their investment portfolios in accordance with the client’s objectives and risk profile. “In addition, FAs can use our Separately Managed Account (SMA) platform with access to more than 100 major asset management firms with multiple investment styles to construct and rebalance portfolios on a discretionary basis.” The CEO says. Approximately 40 percent of the business is fee based with 60 percent conducted on a commission or transactional basis.

In addition to portfolio management, Bolton offers clients the full range of account services including on-line account access, BNY Mellon VISA card, check-writing, ACH and bill payment, portfolio lending, multicurrency holding and reporting as well as trustee services. Bolton also provides access to execution and clearing on exchanges in 45 countries.

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.

Christian Felix se une a Bolton Global Capital

Ayer lunes, Bolton Global Capital anunció que Christian Felix se ha incorporado a su equipo de Miami, proveniente de la oficina de Merrill Lynch en Coral Gables.

La firma detallaba -en la misma nota- que los clientes a los que da servicio Felix proceden principalmente de Ecuador, Colombia, Bolivia y Venezuela y sus activos en cartera superan los 120 millones de dólares.

De esta manera, la cifra total de activos que Bolton ha sumado este año gracias a la incorporación de nuevos asesores, en Miami, supera los 1.200 millones de dólares.

Christian Felix inició su carrera en el Lloyds Bank de Ecuador –país en que nació-  para más tarde ser transferido a Miami. En 2006 se unió a Santander Private Bank como VP y de ahí pasó, en 2010, a Merrill Lynch como First VP en la división de International Wealth Management Complex.

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.