Three former MFS Investment Management distribution directors have joined third-party distributor Becon Investment Management, which focuses on US offshore and Latin American markets, Citywire Americas can reveal.
Jose Noguerol, Fredrick Bates and Florencio Mas were central to MFS’s growth in Latin America over the last 20 years and, according to a statement from Becon, have raised over $40 billion for asset managers throughout their careers.
Noguerol and Mas left MFS in September 2016 and will be based in Buenos Aires, while Bates, who exited in December, will be based in Miami.
There are also plans to open offices in Santiago and São Paulo in 2017.
The newly launched group will primarily focus on bringing a handful of global investment managers and private equity firms to both institutional and intermediary businesses across the Americas, a statement from Becon said.
It added that the firm is currently in ‘advanced conversations’ with asset managers and is expecting the first contract to come through in the coming weeks.
Dubbing the trio a ‘dream team,’ the statement added: ‘They were proven and tested together over the course of the last two decades which were mired by extreme political and economic cycles both locally and globally.
‘Their network of intermediary clients was carefully cultivated over years and is unrivaled by most firms operating in the region.’
The firm added it will be focused solely on third-party distribution and has no intention of expanding to other parts of the industry.
The trio’s exit from MFS in late 2016 followed a number of senior departures across its European distributions teams. MFS has since been ramping up its distribution teams dedicated to US offshore and Latin America.
Noguerol, previously the managing director of Latin America at MFS, spent over 20 years with the firm and was integral to establishing the investment manager’s name and strong following in the region.
Bates was most recently based in London as managing director, global relationship management. Prior to that, he spent 12 years as a director of sales in Buenos Aires, Argentina, where he worked under Noguerol to build its Latin American business, specifically in the South America.
The first to exit in September was Mas, who had been with MFS for over nine years and most recently was MFS director for Argentina, Uruguay and Colombia.