A Merrill Lynch adviser who oversaw $650 million in client assets left the wirehouse earlier this month to join Bolton Global Capital, his new employer said.

Euclides Moreno generated $6.4 million in annual revenue while at the wirehouse, according to Bolton.

The Miami-based adviser specializes in servicing wealthy international clients. Moreno had been with Merrill Lynch since joining the industry in 2000, according to FINRA BrokerCheck records. Prior to becoming an adviser, Moreno worked in his family’s Venezuela-based bank, according to his new firm.

Bloomberg News

His departure comes after Merrill announced it was cutting back on recruiting experienced advisers. The firm will instead focus on growing its brokerage force by training new talent and hiring young advisers from its competitors.

Merrill recently reported its headcount fell by 145 advisers to 14,484 advisers for the first quarter. Some departing advisers have cited concerns over the firm's plans to cease offering commission-based retirement accounts, though Merrill said last week that it would relax those restrictions.

For Moreno, Bolton says it will provide back office, compliance and technical support. Client assets will be custodied through Pershing, the company says.

Bolton has more than $6 billion in client assets and 40 branch offices across the United States, according to the company.

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