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Bolton enters NYC with $500m HSBC advisor hire

Bolton enters NYC with $500m HSBC advisor hire

[Update]: a correction has been made to this article with regards to the volume of assets under management managed by Assouline at HSBC.

Independent broker-dealer Bolton Global Capital has entered the New York market by hiring former HSBC private banker Ethan Assouline.

Over the last five years, Assouline managed $500 million in client assets at HSBC in New York for clients in the Middle East, Europe and the US, according to a statement from Bolton.

He joined Bolton on May 17 to launch the ERA Capital Group, Bolton chief executive, Ray Grenier, told Citywire Americas.

Grenier added that Assouline’s hire, the firm’s first in New York, brought its international assets under management to $4 billion.

‘We are pleased to establish a presence in the New York City market with an accomplished professional like Ethan Assouline,' he said.

The Boston-based firm, which also has a presence in Miami, is setting up another office in New York for a ‘major wirehouse’ team that will join in July, Grenier added.

‘We will continue to focus on Miami but will expand our footprint to other US markets as dictated by event driven opportunities.’

Assouline will clear through Pershing, which is a subsidiary of BNY Mellon, and operate for Bolton from ERA’s office at 555 Madison Ave.

The addition of Assouline follows a raft of hires by Bolton from advisors at large private banks such as Merrill Lynch and Credit Suisse.

Last year, nine teams handling more than $1.5 billion in client assets joined Bolton from several large private banks who have reduced their scale in the non-resident client market.

Also in May, the firm hired Euclides Moreno, who managed $650 million as the head one of Merrill Lynch Wealth Management’s top producing Miami teams.

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