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.