CityWire Americas - October 17, 2018
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An international Morgan Stanley advisor with $180 million in client assets has joined Bolton Global Capital’s network of independent advisors in New York, Citywire Americas can reveal.
Nicolas Schreiber left his team at 399 Park Avenue in New York City to go at it on his own and operate under the name Nomad Advisors. He will join Bolton’s recently opened office at 489 Fifth Avenue, Bolton said in a press release.
Schreiber advised high-net-worth individuals and institutions based in the US, Europe and Latin America, including Spain, Italy, Argentina and Uruguay.
He was at Morgan Stanley for nine years and most recently he worked with Pablo Hermoso and Claudia Palombo, who it is understood are staying with the wirehouse. Schreiber began his career as a financial advisor with HSBC Private Bank in 2001 and has since also worked at UBS International and the retail division of Citigroup, Smith Barney, which was acquired by Morgan Stanley in 2009.
‘We are proud to have such a well-respected professional affiliate with our company and look forward to supporting the continued growth of his wealth management business,’ the firm said.
Bolton has two teams in New York City and recently opened its own space with the intention of recruiting at least three teams by the end of 2018.
Bolton provides office space, technology infrastructure, brand development and legal support for bank and wirehouse teams that are looking to go independent while acquiring ownership and operating under their own brand name.
Schreiber’s client accounts will be under the custody of BNY Mellon Pershing.
Bolton has attracted a number of international teams from wirehouses over the last two and a half years. The Bolton, Massachusetts-based firm has a total of $8 billion in assets under management, with $5 billion of that attributed to non-US resident clients.
Morgan Stanley declined to comment on Schreiber’s exit.
The firm started closing smaller European accounts earlier this year and introduced a new designation advisors have to achieve in order to open new accounts for European clients.
Earlier this month, another international advisor with European clients walked away from Morgan Stanley to join independent player Union Capital.