CityWire Americas - May 15, 2017
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Senior international financial advisor Euclides Moreno, head of one of Merrill Lynch Wealth Management’s top Miami teams, has left after 17 years with the firm, Citywire Americas can reveal.
According to sources familiar with the situation, Moreno is in talks to join an independent broker-dealer.
Moreno’s group at Merrill Lynch manages over $800 million and has produced around $8 million annually, according to a source. It is understood that the remaining members of the seven-strong Moreno Wealth Management Group team have not resigned and continue with Merrill.
Merrill Lynch declined to comment on the departure.
Moreno joined Merrill Lynch in 2000 and advised both US and non-US clients, with a focus on Venezuela. Moreno’s exit follows that of a number of teams who’ve left Merrill Lynch since July 2015 after it refocused its non-resident client business and added a number of restrictions and requirements to its client onboarding process.
While Venezuela falls within the range of 29 countries Merrill Lynch still services, prospective clients in this country must invest a minimum of $5 million to meet new requirements. They would also have to visit their international advisors at least once a year in the US.
Merrill’s revamp has allowed for international broker-dealers and RIAs such as Bolton Global Capital, Investment Placement Group, Global Investor Services to earn a bigger slice of the international advisory pie since these change were announced. They’ve also benefited from large private banks like Credit Suisse and RBC moving out of this space.
However, just last week Merrill recruited Leon Friedlander, who also specializes in advising Venezuelan clients, from Morgan Stanley.
While the wirehouse saw a number of exits in the 18 months after its initial changes, the firm has been selectively recruiting and has announced two hires in the last two months.