Bolton Global will open, next September, an office on Fifth Avenue to facilitate the transition of wealth management teams in the New York City area to the independent business model.
The independent broker dealer established presence in New York City through the signing of two teams with more than 500 million dollars in client assets: that of Ruben Lerner and Manuel Uranga, who came from Morgan Stanley in New York , and that of Michel Dejana and Adelfa Rosario, who arrived from Safra Bank also in the Big Apple.
Bolton will provide ready-to-work offices for the teams of the main banks and wirehouses to migrate from the traditional employee model to one in which they acquire the ownership and control of their business book, operating under their own brand.
The firm will place the firms’ premium office space, technology infrastructure, brand development and legal support for the NYC-based teams that are transitioning to the independent model.
Bolton successfully implemented this strategy in Miami, where it opened its own offices before recruiting more than 20 teams with client assets worth 3.5 billion dollars from Merrill Lynch, Morgan Stanley, Wells Fargo, JP Morgan and Citi.
Growth of assets
Bolton has capitalized on the growing migration of equipment from the main wirehouses to the independent business model in recent years. Recruitment by the firm has been concentrated in leading teams that serve international clients and has been successful with the transition of several high profile teams. Bolton’s comprehensive transition strategy has produced growth in AUM of more than 22% per year during the last 5 years.
Clients’ assets are held by BNY Mellon Pershing as custodian and clearing house, and Bolton offers a full range of wealth management products and services along with the security of financial institutions, with considerably improved compensation.
The firm’s new offices in Manhattan are located at 489 Fifth Avenue, where they will occupy the entire 21st floor.
