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 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.

Bolton eyes $1.5bn in new assets as it hires $225m Merrill team

Bolton Global Capital’s recruitment spree from Merrill Lynch Wealth Management continues with the recruitment of Tanya Duarte and Archibaldo Vasquez.

The independent broker-dealer also revealed plans to hire additional wire house teams representing over $1.5 billion in new client assets over the next six to 12 months.

The firm has continued to take advantage of the changes announced at Merrill Lynch last summer as over the last year Bolton has brought over six teams from Merrill Lynch with a total of $1.2 billion in client assets.

The Duarte Vasquez Group, which will join Bolton’s Miami office, managed $225 million in client assets with $2.1 million in annual revenue at Merrill Lynch. The two have spent over 22 years with the Bank of America-owned wire house and focused on clients from Mexico, Colombia, the Dominican Republic and the US.

Bolton has also recruited Arturo Vasquez, who will be responsible for client support, from Morgan Stanley where he’d worked for the last three years. Prior to that he was at BNP Paribas for two years.

Bulking up

Bolton chief executive Ray Grenier told Citywire Americas the firm is expecting another recruitment announcement next week.

The Boston-headquartered broker-dealer has been positioning itselfas a prime destination for wire house teams looking to transition into the independent space and that have $100 million or more in client assets.

Grenier said their success in recruiting teams comes down to a number of factors, including competitive compensation, a wide-range of products and services, custodied on Pershing’s platform, as well as a good reputation.

‘Bolton does not have a recruiting department or full time recruiter. 100% of our recruits come from referrals by our existing advisors. This ensures that the people they refer to us have the same commitment to quality business as they have with their own businesses,’ said Grenier.

The firm has also gained credibility by having very highly respected teams.

Bolton’s largest recruitment to date was the Verstraeten Group with over $800 million back in 2011 as Merrill Lynch sold its non-US offices to Julius Baer.

In July 2015, the US giant cut down its international business and to focus solely on ultra-high net worth individuals by doubling its minimum account size on non-US accounts from $500,000 to $1 million for existing clients.

It is understood Merrill Lynch expected exits from advisors who could no longer service existing clients under the new regime.

Merrill Lynch said it made the decision to change its business model to cut down on risk and focus on generating revenue. It is also looking to recruit advisors for its international unit.

The Duarte Vasquez Group joins Bolton Global Capital

Bolton Global Capital is pleased to announce that the Merrill Lynch team of Tanya Duarte and Archibaldo Vasquez has joined the firm’s Miami office. The team manages $225 million in client assets with $2.1 million in annual revenues operating under the name “Duarte Vasquez Group”. As senior financial advisors with Merrill Lynch for the past 22 years, they have built a broad based international business serving high net worth clients predominantly from Mexico, Colombia, Dominican Republic and the US.  Prior to joining Merrill Lynch in 1994, they both worked for 10 years at Chase Private Bank as Team Leaders for various Latin American markets.

We are honored to have such well respected professionals affiliate with our company and look forward to supporting the continued growth of their wealth management business.  Arturo Vasquez will be responsible for client support operations where he has worked at Morgan Stanley for the past 3 years prior to joining Bolton and with BNP Paribas for 2 years. Arturo is a graduate of University of Florida and holds FINRA series 7 and 63 licenses.

With the affiliation of the Duarte Vasquez Group, Bolton continues to establish its position as a premier destination for top wirehouse teams transitioning to the independent business model. Over the past 3 years, the firm’s Miami office has recruited more than a dozen major teams from Merrill Lynch, Morgan Stanley, RBC Wealth Management, Citi Private Bank and HSBC Private Bank. During the last 3 quarters ending this month, Bolton has added teams with total AUM of more than $1.3 Billion.  The firm has leased additional space at 801 Brickell Avenue to accommodate the growth of its business.

With clearing and custody of client accounts provided by BNY Mellon Pershing, the Bolton Massachusetts based firm offers the highest quality teams, access to a platform with the full complement of wealth management capabilities to support both domestic and international business. In addition to acquiring better ownership and control of their assets, teams that transition to independence through Bolton are provided with turnkey solutions to set-up, brand and run their businesses while retaining a significantly higher share of the revenues.

Bolton Global Capital is a FINRA and SIPC member firm since 1985 with licensing in all US states and has a separate SEC registered investment advisor, Bolton Global Asset Management.

Inquiries may be directed to:

Katherine Sargent
Director of Business Development
Bolton Global Capital
579 Main St, Bolton, MA 01740
978-779-5361 Ext. 2212

ksargent@boltonglobal.com

Bolton Global Capital incorpora al equipo de Alex Astudillo

Bolton Global Capital ha anunciado la incorporación de Alex Astudillo a la oficina de Miami. Astudillo era SVP en Merrill Lynch, entidad en la que ha trabajado durante 14 años construyendo una práctica de wealth management internacional que gestionaba activos de clientes por valor de 173 millones de dólares, y suponía unos ingresos de 1,8 millones.

“Estamos muy orgullosos de que un profesional tan reconocido se una a nuestra organización y estamos deseando apoyar el continuado crecimiento de su práctica”, dice Ray Grenier, CEO de Bolton. Angela Canas, después de 9 años en Merrill, también se une a la nueva firma para dar apoyo a los clientes de la práctica denominada Private Wealth Advisors.

Esta incorporación no es la primera de Merrill que se produce en los últimos meses en Bolton, firma que en los últimos tres años también se ha convertido en destino de hasta siete equipos -de Morgan Stanley, RBC Wealth Management, Citi PB y HSBC PB- que buscaban migrar hacia un modelo de negocio independiente.