Rethinking Real Estate Opportunities and Risks

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The property market is beginning to react to the Fed’s tightening cycle. It is no surprise that quickly rising interest rates, stubbornly high inflation, and fears of a looming recession are changing the risk-reward calculation for many real estate investors in both public and private markets.

After more than three decades of a low inflation environment, the U.S economy is experiencing broad-based inflation at rates not seen in many years. As a result, the Federal Reserve has raised rates five consecutive times over the past year. For example, as seen in Figure 1, while most real estate indices are still showing double-digit gains over the past year, the overall pace of growth across major U.S commercial properties has already decelerated. Taking a closer look at the table below, the RCA CCPI (Real Capital Analytics commercial real estate prices) National All-Property Index rose 11.1% over the past year, which is a slower pace than that of the record growth seen in January 2022, prior to the Fed’s aggressive rate hikes. We anticipate valuations will continue to contract, potentially creating an opportunity for investors to buy at more attractive prices.

Despite shifts in the market driven by the upward pressure on interest rates and rising inflation, we believe that certain segments of the real estate market feature attractive long-term fundamentals. This is especially true for property types that can benefit from inelastic demand, shorter lease terms, and pricing power that can keep up with inflation. With the right properties, real estate can be an important ally to investors’ portfolios amid evolving macro conditions.

Sizing up Opportunities and Risks

The broad category of real estate includes various sub-asset classes. Commercial real estate, in particular, includes buildings that can generate rental income for investors and are generally spread across four main sectors — multifamily (or apartment buildings), office, industrial, and retail. It also includes more specialized sectors such as hotels, data centers, self-storage, senior housing, student housing, and life-sciences.

Choppier waters ahead will call for a more nuanced approach to distinguishing properties within these sectors that will be better equipped to handle a softer economy and a potentially prolonged inflationary environment. Given the macroeconomic conditions ahead, we favor real estate assets that possess strong long-term fundamentals with attractive valuations, as well as characteristics such as strong pricing power and durable cashflows to better combat inflation.

More specifically, our team prefers properties that have shorter lease terms to ensure that rent escalations can keep up with — or not fall too far behind — near- to mid-term inflation levels. For example, multifamily apartments offer a 12-month term lease structure. Additionally, a portion of tenants turn over each month to allow for frequent opportunities for landlords to reset rents to track inflation. Other worthwhile opportunities to consider include niche areas such as self-storage and hospitality, where rents are charged on a monthly or even nightly basis. However, both asset classes could be affected by a slowing economy. Industrial properties are another area where we see attractive opportunities. Although industrial real estate assets do not generally feature short-term leases, they continue to enjoy strong long-term fundamentals due to secular shifts.

On the flip side, certain segments of the retail sector feature higher levels of risk due to secular trends, although pockets of opportunity do exist. During the pandemic, consumer preferences continued to shift toward the convenience of online shopping versus at brick-and-mortar stores. Although this has since reversed, we anticipate a continued bifurcation of performance within the retail sector, with retail asset type and location driving performance. Moving forward, we see merchants continuing to increase their online presence, while adopting a multichannel strategy to capture sales.

The office sector also presents unique risks. Generally, office buildings tend to have relatively long lease terms (e.g., 5-10 years) which creates inflationary risk for investors compared to multifamily units. In addition, remote and hybrid work have accelerated the need to redesign office spaces with a focus on collaboration and amenities. Thus, we are seeing a significant bifurcation between high-end, newly-developed office buildings — those with state-of-the-art amenities intended to attract workers back in the office — versus older offices that haven’t made such capital improvements. Similar to retail, a “winner take all” pattern may be emerging as currently 15% of office buildings contain roughly 80% of office vacancy nationally, according to Cushman and Wakefield.[1] All things considered, the office sector contains many risks, with limited pockets of value.

We believe having a strong research process that looks across siloes, including public and private markets, will be critical in identifying idiosyncratic risks and uncovering opportunities across all real estate asset classes

Putting it all Together

While macroeconomic conditions will always continue to evolve and present challenges, we believe uncertain times can also create opportunities if managers know where to look for them. As discussed, real estate as an asset class still possesses many attractive characteristics even in a higher rate and inflationary environment, especially in areas where strong rental pricing power exists, lease terms are shorter, and secular trends provide a catalyst for growth. We find that both multifamily and industrial properties hold some of these key advantages compared to other real estate sectors.

Looking ahead, we believe real estate market volatility will persist and market conditions will remain challenging due to the continued transition toward a higher cost of capital environment. This could bring near-term pains, but also long-term opportunities to real estate investors. During this period of heightened complexity, we believe constructing a balanced real estate portfolio that focuses on properties with attractive valuations that can deliver dependable cash flows will be crucial in mitigating the risks associated with the transition toward a lower economic growth and higher rate environment.

Morningstar Launches New Research Portal for Financial Advisors

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Morningstar announced the launch of Morningstar Research Portal (Research Portal), an investment research platform for financial advisors.

Research Portal harnesses Morningstar’s independent ratings and research, together with live market data and interactive charting, in an intuitive web-based platform, empowering advisors to bring personalized and timely investment ideas to their clients.

“Clients are looking for more from their advisors as their investment choices increase and the trend toward personalization continues. Research Portal interconnects Morningstar’s research with powerful new tools that enable advisors to swiftly identify investments that meet their clients’ needs, communicate those recommendations, and then monitor their investments continuously in a seamless way,” said Marc DeMoss, head of Morningstar research products.

“Morningstar’s research and ratings are expanding in line with the evolving motivations of today’s investor, and Research Portal helps advisors drive more timely and relevant client conversations.”

Research Portal makes the investment insights across Morningstar’s full analyst and quantitative coverage universe – more than 140,000 stocks, 320,000 mutual funds, and 24,000 ETFs – easily accessible to advisors via a modern, fast interface.

The platform’s workflows – such as the Watchlist, Model Portfolios, Pick Lists, and Compare functions – help a user discover and evaluate investment ideas under chosen criteria. Research Portal then keeps users up-to-date on the investments they care about with a dashboard that tracks global market activity and a Calendar feature that displays upcoming events, all of which can be customized for specific universes of investments.

The suite of tools within Research Portal closely connects advisors to Morningstar research so they can personalize their conversations with clients. For example, with Pick Lists, an advisor could reference the Europe Core list when seeking ideas for European exposure. The enhanced screener also has multiple configurable views that make it quick to broadly search for a security across custom filters.

In addition to data analysis, Research Portal can also be used thematically. The Morningstar Insights tab surfaces the latest editorial content from Morningstar thought leaders, grouped by topics like sustainability, policy impact, and retirement. Analyst notes, security and sustainability reports, and more are also available within the platform, the firm said.

Research Portal is available now to individual advisors and on an enterprise level. It is also integrated within Morningstar Advisor Workstation, replacing Morningstar Analyst Research Center, and within Morningstar Direct, replacing its now-retired Research Portal widget.

New business wins drive growth of Apex Group’s Miami office

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Apex Group a global financial services provider announces the growth of its Miami office.

Apex Group now employs over 1,300 experts in the Americas region, across a network of over 25 offices. Apex Group’s Miami presence, located in the prestigious Brickell financial district, employs an experienced team of experts, led by Jay Maher, Senior Advisor and former CEO, Americas at Mainstream Group who joins following the business’ successful acquisition by Apex Group. Maher is supported by senior executives including David Ries, Head of Private Equity Solutions and Alex Contreras, SVP, Business Development.

Apex Group in Miami provides the Group’s full single-source solution to asset managers, financial institutions, private clients and family offices, with a focus on the delivery of services to clients in the Miami, Florida and Latin American markets.

The expansion of Apex Group’s Miami presence follows a period of record new business growth for Apex Group’s Americas region with recent client wins including Participant Capital, Compass Group LLC, a leading independent Latin American asset manager and Florida-based Midtown Capital Partners LLC.

This announcement builds on Apex Group’s strategic growth plan for the Americas, including the acquisitions of events and technology platform Context365, real estate services provider SandsPoint Capital Advisors, tax services firm FTS, Canada-based fund services provider Prometa, as well as the additions in Latin America of BRL Trust Investimentos, Brazil’s leading independent fund administrator and acquisition of MAF, the fund administration business of the Brazil-based Banco Modal.

Georges Archibald, Chief Innovation Officer and Regional Managing Director, Americas at Apex Group comments: “Our clients across the Americas come to us to provide scalable support to bolster the efficiency of their in-house teams. We view the South-East of the US and the Latin American markets as a strategic growth priority and presenting a compelling opportunity for us – and for many of our international client base. The continued growth of our Miami office enables us to better deliver our global experience and outlook to support our clients locally in these regions.”

Jay Maher, Senior Advisor, Apex Group adds: “We are delighted to continue to expand our Americas’ footprint in Miami so that Apex Group further strengthens its position as the global provider of choice for corporates and fund managers, wherever they may be located. Local delivery of our single-source solution partnered with Apex Group’s truly global reach will enable us to help our clients to scale more quickly and efficiently, to fuel their continued growth and success.”

U.S. Bancorp Completes Acquisition of Union Bank

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U.S. Bancorp announced that it has completed the acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc.

The transaction brings together two premier organizations to serve customers and communities across California, Washington, and Oregon and support a dedicated workforce across the West Coast. Customers will benefit from an expanded branch network, greater access to digital banking tools, and increased choice, the memo said.

“The acquisition of MUFG Union Bank underscores U.S. Bank’s commitment to creating economic opportunities for our customers and communities across the West Coast,” said Andy Cecere, chairman, president and chief executive officer of U.S. Bancorp. “The closing of this acquisition brings together two premier organizations and their teams who are focused on putting customers first.”

U.S. Bank will provide MUFG Union Bank customers with information regarding the conversion of their accounts in the coming weeks. Until conversion of MUFG Union Bank systems and accounts, customers will continue to be served by their respective branches, website and mobile apps. Systems integration and account conversion is expected to occur in the first half of 2023.

Additionally, once customer conversion has occurred, implementation of U.S. Bank’s five-year, $100 billion community benefits plan will begin.

Bonds vs Stocks: Ideas for the 2023

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Investors looking for good news have found some, however, while this may be the beginning of the end of the bear market in U.S. equities, don’t mistake it for the real end, says Lisa Shalett, Wealth Management Chief Investment Officer at Morgan Stanley.

On the good news side, the latest consumer price index report suggested that inflation may have peaked in October, and the Federal Reserve may now be more likely to slow the pace of interest rate hikes. Other reasons for optimism included investor sentiment, as measured by the American Association of Individual Investors, which stood at its highest levels since December 2021, says Shalett .

However, in a Bear Market investors still need to allow this prolonged market downturn to fully play out and make a realistic assessment of the economic slowdown and recession risks.

Historically, when investors’ primary concern shifts from politics and inflation to the health of the economy, the outlook for stocks and bonds tends to diverge. That’s why investors may be relatively well served by favoring bonds over stocks in 2023.

Bond yields have meaningfully increased, providing investors an opportunity to earn decent income. We expect inflation to be around 3.5% by the end of 2023, and U.S. Treasuries, through the 10-year maturity, are yielding more than that. That means their inflation-adjusted, or “real,” yield could turn positive. Meanwhile, municipal and corporate bonds are providing an extra 1.5 to 2.5 percentage points beyond Treasury yields. Here’s the evidence:

Bonds are also relatively fairly priced. Tightening cycles, in which the Fed raises rates to bring down inflation, generally do not end before the Fed funds rate is durably above core inflation, suggesting that bond prices have fully adjusted. Once this adjustment is complete, bonds may be viewed as fairly priced. Currently, the futures market for the Fed funds rate is predicting a peak of about 5%, to be reached in April or May. This appropriately coincides with where core inflation is likely to be.

Bonds may offer attractive capital gains. Investors who are wary about the economy will likely gravitate toward Treasuries, which would push yields lower and prices higher, meaning it’s possible to enjoy relatively high coupon payments now and potentially sell at a premium later.

In contrast, U.S. large-cap stocks, as measured by the S&P 500 Index, do not look as attractive:

They are still too expensive. At current prices and consensus earnings estimates, the S&P 500 Index is selling at a forward price-earnings (P/E) ratio of 17. This is not compatible with where rates and inflation are likely to be next year—risk-free long-term rates around 3.5% and inflation above 3%—alongside lackluster economic growth. A more reasonable forward P/E ratio under these conditions is typically in the 15-to-16 range.

The reward for owning stocks over risk-free debt appears relatively small. Compared with Treasuries, stocks are priced to offer just about 180 basis points (or 1.8 percentage points) more, a huge disconnect from the prior decade’s average spread of 350 basis points.

Wall Street’s 2023 outlook for U.S. stocks looks concerningly unrealistic. Equity analysts currently project that S&P 500 company earnings will be $230 per share next year. Morgan Stanley expects $195, based on our belief that companies’ extraordinary ability to boost sales and profitability in recent years is unsustainable and may soon reverse.

“We continue to believe it is premature to call an end to the bear market for U.S. stocks. Investors may have moved on from inflation concerns, but they cannot ignore the economic picture. For now, investors should consider reducing U.S. large-cap index exposure. Instead, look to Treasuries, munis and investment-grade corporate credit. Stay patient and collect coupon income”, Shalett concluded.

This article is based on Lisa Shalett’s Global Investment Committee Weekly report from November 21, 2022, “Bonds Over Stocks in 2023.” If you would like to read the article in its full version you should click on the link below.  

Self-Directed Investors Are Staying the Course Amid Inflation and Stock Market Concerns

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Janus Henderson Investors released the findings of its 2022 Retirement Confidence Report, which seeks to better understand how self-directed investors are coping with this year’s challenging market environment.

According to the report, which is based on a survey conducted by Janus Henderson, rising inflation and stock market volatility are weighing heavily on investors, as 86% of survey respondents are concerned or very concerned about inflation and 79% are concerned or very concerned about the stock market.

Further, 45% of investors said they felt less confident in their ability to have enough money to live comfortably throughout retirement, and 9% have hired or planned to hire a financial advisor in 2022. Notably, less than 2% are planning to change financial advisors as a result of the market downturn.

“With both stocks and bonds posting three consecutive quarters of negative returns in 2022, investor confidence has suffered, but it hasn’t collapsed,” said Matt Sommer, Head of Janus Henderson Investors’ Defined Contribution and Wealth Advisor Services Team.

“The Covid-19 stock selloff and quick comeback that occurred in 2020 put a spotlight on the challenges of timing the markets and remains a vivid example of the importance of creating and sticking to a plan in all types of markets,” he added.

Cash Isn’t King as Investors Eye Market Rebound

Despite concerns surrounding inflation and the stock market, just 13% of investors have moved money out of stocks or bonds and into cash. Instead, investors appear to be tightening their budgets, as nearly half (49%) said they have reduced their spending or plan to reduce spending as a result of the financial markets and rising inflation.

Expectations for better days ahead might also explain why more investors have not moved to cash. The majority of respondents (60%) believe the S&P 500 Index will be higher one year from now, 26% believe the Index will be lower, and 14% expect it will be relatively unchanged.

Strong Desire for Dividends

The preferred investments for generating income in retirement in the current environment include dividend-paying stocks (65%), annuities (24%), taxable bonds (23%), and tax-free bonds (23%).

“The good news is that many investors are taking the common-sense approach of reducing their spending and not moving out of stocks in response to this year’s challenging market environment,” added Sommer. “It’s also encouraging to see that some are seeking the advice of a professional advisor to navigate the current market uncertainty.”

Methodology

The survey was conducted by Janus Henderson Investors in October 2022, and was distributed within its Direct Business Channel (DBC) to a randomly selected group of investors age 50 and older who were the sole or shared financial decision-maker for their households. The DBC caters to self-directed U.S. investors who have established accounts directly with Janus Henderson and without the assistance of a financial professional, some of whom may consult with an advisor for other aspects of their wealth. The final sample consisted of 1,926 investors who completed the full survey.

Santander Expects Market Recovery in the First Quarter of 2023

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Santander Wealth Management & Insurance, the division that includes Santander’s private banking, asset management and insurance units, believes growth and inflation will still be causes for concern next year; but markets are already showing signs of a comeback.

“We expect that confirmation of peak inflation in Q1 2023 may lead to a pause in interest rate hikes by central banks, which would set in motion the recovery process in fixed-income markets”, said Víctor Matarranz, global head of Santander Wealth Management & Insurance, in his opening letter in the 2023 Market Outlook report titled The great rate reset. According to Matarranz, “The recovery of more cyclical assets, like equities, should get underway inH2 2023 if central banks announce lower interest rates. More than ever, it is paramount to balance a short- and long-term vision when managing investments”. 

Santander expects a macroeconomic shift, with efforts to stabilize prices already entering final stages. “We believe that we are close to terminal policy rates and that the level of monetary tightening reflected in the curves will be enough to change the course of inflation. This phase of monetary stabilization will probably last most of 2023 as we do not expect a rate cut until there are clear signs that inflation is under control. The good news will come first to defensive assets (fixed income) and then to cyclical assets (equities)”, according to the report.

Santander says that, while inflation won’t peak at the same time in every market, there’ll be “clear signs of a trend shift” in Q1 2023. 

It also expects low growth in the coming quarters, with moderate recession in some countries. Nonetheless, “it seems unlikely that the economy will see the same upheaval as in previous crises like the financial crash of 2008 and the dotcom bubble of 2000”. 

The report suggests that “progress in monetary stability would provide plenty of opportunities in fixed income assets as yields stabilize at very attractive levels relative to the previous decade”. It also says that “rate increases have been the villain of the markets in 2022 but going forward they provide a bedrock of safe yield. Conservative investors are celebrating the fact that liquidity is no longer penalized”. Better bond yields will encourage investors to diversify portfolios. For corporate bonds, the report recommends increasing credit risk  in portfolios amid an expected end to economic slowdown. 

Santander also advises a cautious approach for equities, until earnings’ review are completed, so investors will have to wait. “Earnings forecasts are being revised”, says the report, but there could be more downwards adjustments, in line with predictions of a slowdown in 2023.

Also, due to shifts in structural inflation (above 2% in the midterm),the report encourages investors to take up more shares, infrastructure, property and other real assets. Alternative investments, especially in private equity and private debt, are also key. 

The report affirms that, as interest rates stabilize and the economy recovers, the market will shift focus back to innovative, high-growth companies. The most attractive opportunities will be in biotechnology, energy transition, cyber security, foodtech, robotics, sustainability, with renewable energy at the top of the list owing to the energy crisis.  

Biodiversity: why investors should care

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Photo courtesyGabriel Micheli, Senior Investment Manager at Pictet Asset Management

The past 30 years have seen a bigger improvement in human prosperity than all of the past centuries combined. We have built more roads, buildings and machines than ever before. More people are living longer and healthier lives and access to education has never been better.

The average GDP per capita has grown 15-fold since 1820. More than 95 per cent of newborns now make it to their 15th birthday, compared with just one in three in the 19th century.[1]

However, such progress has come at a great cost. As humanity has thrived, nature has suffered.

Humans are driving animal and plant species to extinction and destroying their habitats to feed and house an ever-increasing population. An influential UN report warns that up to one million animal and plant species are at imminent risk of extinction.[2]

Data shows that, in the 1992-2014 period, the amount of capital goods – such as roads, machines, buildings, factories and ports – generated per person doubled. Over the same timeframe, however, the world’s stock of natural capital – water, soil and minerals – per person declined by nearly 40 per cent.[3]

Policymakers now consider biodiversity protection as urgent a priority as halting global warming.

The UN COP15 biodiversity summit in Montreal in December is expected to unveil ground-breaking targets to protect nature. Ahead of the landmark event, world leaders meeting in Egypt for the COP27 climate conference in November recognised nature’s role as a key solution to fighting global warming.

According to the draft agreement, the Montreal Accord will commit signatories to restore at least 20 per cent of degraded ecosystems, protect at least 30 per cent of the world’s sea and land areas and reduce pesticides by at least two-thirds.

Once these targets become national policy, policymakers and regulators could quickly establish a framework for biodiversity protection and disclosure, with the Paris Accord and net zero as the template.

Biodiversity finance: a burgeoning market

Intensifying political and regulatory efforts are a step in the right direction. But policymakers cannot turn the tide on their own. Businesses and investors must also do more to place the world on a path to sustainable growth.

As stewards of capital, investors are uniquely positioned to help build an economy that works with, rather than against, nature.

They can play a crucial role by helping to shift capital flows away from businesses and projects that degrade the natural environment and towards nature-positive solutions.

Historically, biodiversity finance has tended to focus on raising money for conservation activities within a philanthropic framework.  More recently, however, a market for biodiversity and natural capital investment has been steadily growing, including securities that explicitly aim to minimise biodiversity loss and capitalise on the potential for long-term capital growth.

There have been high-profile launches of funds investing in companies specialised in biodiversity restoration and ecosystem services in the past couple of years, with nine out of eleven such funds having debuted since 2020. Assets under management in this group have more than doubled to USD1.3 billion from just USD525 million at the start of the decade.[4]

Funds investing in biodiversity and natural capital aim to help embed more sustainable and regenerative business practices across a whole value chain, involving industries such as agriculture, forestry, IT, fishery, materials, real estate, consumer discretionary and staples, utilities and pharmaceuticals.

The Food and Land Use Coalition estimates that efforts to transform current food and land use in favour of regenerative and circular practices have the potential to create a biodiversity market worth USD4.5 trillion by 2030.[5]

Nature-positive transition
The finance industry must add its heft to the global effort to reduce the damage, while also enhancing nature’s recovery. One influential research initiative geared to helping this endeavour is the Finance to Revive Biodiversity (FinBio) research programme, which is overseen by the Stockholm Resilience Centre at the Stockholm University.

The four-year research programme, of which Pictet Asset Management is a founding partner, aims to develop valuable research that should help the finance industry transform current practices, which reward growth at the expense of biodiversity, to a new model which accurately captures – and attaches an economic value to – the nature-positive quality of a business.

The initiative brings together a diverse consortium of academic and financial-sector partners, including the UN Principles for Responsible Investment, the Finance for Biodiversity Foundation and Oxford University.[6]

Nature has always been the economy’s most important asset. It is time the finance industry recognised that.

 

For the latest research on biodiversity and why it is a financial risk you cannot ignore, click here. 

 

Notes

[1] Our World in Data

[2] IPBES

[3] Source: Managi and Kumar (2018) Note: Produced capital refers to roads, ports, cables, buildings, machines, equipment and other physical infrastructures. Human capital refers to education and longevity. Natural capital is calculated with renewable and non-renewable resources including agricultural land, forests as sources of timber, fisheries, minerals and fossil fuels

[4] Broadridge and Pictet Asset Management, data as of 31.07.2022

[5] https://www.foodandlandusecoalition.org/wp-content/uploads/2019/09/FOLU-GrowingBetter-GlobalReport.pdf

 

 

 

Some Conclusions From Markets Behaviour in October

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U.S. equities rebounded in October, with the S&P recording its second-best monthly performance for the year. This month saw the kickoff of Q3 earnings with over half of the S&P 500 companies having reported through 10/28. Takeaways from the first few weeks of earnings included FX headwinds, continued supply chain disruptions, still-elevated raw materials costs and fears of a weakening macro backdrop. However, credit card companies and banks reiterated that consumer spending continued to show signs of resilience despite surging inflation.

Several catalysts will be in focus as potential drivers to push markets higher before year-end, such as an inflection point in the Russia-Ukraine war, U.S. midterm elections or inflation data indicating that prices are no longer rising.

Performance in the Merger Arbitrage space in October was driven by the closing of several deals, most notably Elon Musk’s $44 billion acquisition of Twitter, Berkshire Hathaway’s $12 billion acquisition of Alleghany, and Vista Equity’s $8bn acquisition of Avalara.  The strategy also benefitted from a bump in consideration in two transactions. Philip Morris raised its offer for Swedish Match from SEK 106 to SEK 116 per share in order to secure enough shareholder support to complete the transaction. Additionally, Flagstar Bancorp shareholders received an increase in terms of $2.50 per share, which was paid as a special dividend, as they awaited the final regulatory approvals needed to complete the merger with New York Community Bancorp.

For the convertibles market, the fourth quarter on a positive note after a very negative year. Sentiment was quite low coming into earnings season and the result has been generally positive. We had numerous holdings outperform significantly after beating what were admittedly low expectations. We also had a few surprises to the downside as some companies guided cautiously. Premium expansion as stocks moved lower helped limit some of the downside we saw relative to the underlying equities. This is a key attribute of convertibles as it helps to provide asymmetrical returns.

Bolton Global Capital Hires Arturo Hierro in Miami

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Arturo Hierro, Bolton Global Capital

Bolton Global Capital is continuing to recruit new Advisor talent in the Miami market. The firm has announced that Arturo Hierro, most recently of Loyola Asset Management, has joined the firm.

Hierro has over 20 years of industry experience in the United States, in addition to having previously worked in the industry in Mexico.

His clientele consists primarily of high and ultra-high net worth individuals located in Mexico and the United States.

“Arturo is a top professional and we are glad that he has decided to join Bolton in our Miami office” according to Ray Grenier, CEO of Bolton. “By combining his experience at successfully growing his book of business with Bolton’s global wealth management capabilities, Arturo will be in a position to strongly expand his practice.”

Established in 1985, Bolton Global Capital is an independent FINRA member firm with an affiliated SEC Registered Investment Advisor. The firm manages approximately $12 billion in client assets for US-based and international clients through 110 independent financial advisors operating from branch offices in the US, Latin America and Europe, according the firm information.