CityWire Americas - May 6, 2016
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Bolton Global Capital has recruited a $160 million team from Merrill Lynch Wealth Management, its third recruitment from the global wealth manager in the last six months.
Edilberto Moreno and Soraya Batista Garcia joined the independent broker-dealer’s Miami offices last week. The duo had been with Merrill Lynch for 18 years and 16 years respectively and have clients in Mexico, Panama and Colombia.
Bolton has been one of the beneficiaries of Merrill Lynch’s move to cut down its international business with a new focus on the ultra-high net worth in 29 countries, specifically within Latin America and Canada.
It first took on mother-son team Graciela and Jorge Perez, who formed Perez Wealth Management, in November 2015. The two have also filed a lawsuit against Merrill Lynch alleging the firm misled them about its commitment to international clients.
In February, Bolton brought on Merrill Lynch veterans Eduardo Robson and Daniel Aymerich, which brought on about $160 million in assets under and advice and focus on Mexican clients.
In July 2015 Merrill Lynch announced it would double its minimum account size on non-US accounts from $500,000 to $1 million for existing clients starting in January. The move has led to a number of its 300 international advisors to leave the bank as they could no longer service their existing clients under the company’s new rules.
Merrill Lynch declined to comment on this specific departure. It is understood the firm expected exits as it focuses on advisers with ultra-wealthy clients in countries where it can responsibly and sustainably advise them under current regulatory restrictions. It is also recruiting advisors to service its core markets.