A Merrill Lynch adviser who oversaw $650 million in client assets left the wirehouse earlier this month to join Bolton Global Capital, his new employer said.
Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.
The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.
A sign sits on a wall outside the King Edward Street entrance to the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg
His departure comes after Merrill announced it was cutting back on recruiting experienced advisers. The firm will instead focus on growing its brokerage force by training new talent and hiring young advisers from its competitors.
For Moreno, Bolton says it will provide back office, compliance and technical support. Client assets will be custodied through Pershing, the company says.
Bolton has more than $6 billion in client assets and 40 branch offices across the United States, according to the company.
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