Eduardo Cardenas and Jack Cohen had worked at the wirehouse close to eight years with the former running a book of more than $150m for Latin American clients.
The exits from Morgan Stanley’s international wealth management business are continuing to mount as two more international advisors have left the wirehouse for industry rivals.
Eduardo Cadenas and Jack Cohen have joined Bolton Global Capital and Raymond James respectively. They are the third and fourth advisors to leave Morgan Stanley in the past week following the departures of Sergio Sotolongo, who also joined Bolton, and Eva Ovejero, who moved to Raymond James subsidiary Alex. Brown.
Bolton said Cadenas was joining its network’s Private Wealth Alliance Family Office team, which was led by Edilberto and Euclides Moreno and Soraya Batista.
Cadenas has more than 17 years’ industry experience and oversaw about $150m in assets for high and ultra-high net worth clients in Latin America, mainly Mexico and Venezuela, according to Bolton.
‘We are delighted to bring an advisor of Eduardo’s caliber on board. Eduardo’s track record of results and knowledge of the business, combined with Bolton’s international wealth management capabilities, will result in his success as an independent financial advisor,’ said Michael Averett Bolton’s head of business development and Miami branch manager.
Cadenas had been at Morgan Stanley in Miami since 2015 and previously worked at Royal Bank of Canada as a portfolio manager.
Meanwhile, Cohen joined Raymond James’s international office in Aventura, Fla. His arrival was announced by the firm’s South Florida complex manager Stephen Sullivan in a LinkedIn post at the end of last week.
Cohen had worked for Morgan Stanley for seven years in its Miami branch and prior to that was a personal banker at Itaú International for three years, according to his LinkedIn profile.
He has more than 22 years’ industry experience and began his career in 2001 with HSBC Bank in Argentina as a senior relationship manager.
Raymond James did not return requests for comment on Cohen’s hire.
Since January, around 20 of the wirehouse’s international advisors have left for rivals such as UBS, Insigneo, Bolton and Raymond James, among others.
According to sources, one of the main reasons behind these departures is the ongoing issues Morgan Stanley is facing with an account processing backlog. The backlog forced the group to close or suspend thousands of client accounts of less than $5m last November and has since impacted international advisors’ ability to build out their client books.
