CityWire Americas - October 19, 2016
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Former RBC Wealth Management director Ricardo Morean has joined Bolton Global Capital as its new business development head.
Morean, who has worked across management teams at a number of international wealth units in his 24 year career, joined Bolton and GEA Capital, a Bolton affiliated advice firm based in Miami, last week.
Bolton hopes to leverage Morean’s experience of growing the international wealth management businesses of Merrill Lynch, Wells Fargo and RBC where he was in charge of branch complexes in New York, Miami and Latin America, according to a statement from the firm.
He will be responsible for business development for Bolton Global as well as GEA Capital, a team formerly with RBC which launched in 2013.
Morean began his career as a financial advisor with Merrill Lynch in 1992. He eventually took on positions in business development and branch management with Merrill Lynch’s Latin American operations and oversaw the firm’s international financial advisors in the New York, Miami and San Diego.
After Merrill Lynch was acquired by Bank of America in 2008, he joined Wells Fargo as a regional managing director responsible for the firm’s international advisors in Miami and New York until 2010.
His most recent role in this capacity was as head of RBC’s international advisor group’s offices in Miami, New York and San Diego until RBC closed its non-US client business in 2015.
Following RBC’s closure, Morean joined Banco Santander as a private banker.
Bolton has been on a Miami recruitment spree over the last year, adding over nine teams with over $1.2 billion since November 2015. A majority of its new teams have come over from Merrill Lynch, which decided to scale back its global advice unit in July 2015.
In June it told Citywire Americas that it is planning to hire additional teams representing over $1.5 billion in client assets over the next six to 12 months.
The majority of these new additions are industry veterans with a long history at the wire house giant who have opted to follow the firm’s original big fish: Francis Verstraeten. The Verstraeten Group is still Bolton’s largest recruitment to date with over $800 million back in 2011 as Merrill Lynch sold its non-US offices to Julius Baer.