Doug Flaherty
Snowden Lane Partners, a hybrid firm with $3 billion in advisory assets under management, has been slowly chipping away Wells Fargo’s international businesses in Manhattan and Miami.
Six advisor teams have jumped from Wells to Snowden, adding several million dollars to both hubs, said Greg Franks, president and chief operating officer of Snowden Lane.
Initially Wells executives explored the possibility of finding a single firm interested in lifting out the entire international business as a single entity. Insigneo Financial Group, a Miami-based independent broker/dealer, made Wells Fargo Advisors an offer to transition the international accounts of advisors joining Insigneo in one shot. Wells declined Insigneo’s proposal and others like it.
Kandor, which serves international clients, comes under Summit s custom capital model, launched in January.
Summit Financial has taken a minority, non-controlling stake in Kandor Global, a Miami-based registered investment advisor with $450 million in client assets. The firm joins under its new custom capital model, Summit Growth Partners, which was launched in January with the help of Merchant Investment Management.
Kandor, which specializes in serving the Latin American business community, represents Summit’s 13th such investment and its first aimed at serving international clients. The RIA was launched late last year by CEO Guillermo Vernet, who stepped down from his role as head of Insigneo Wealth Advisors, the RIA owned by Insigneo Financial Group, a financial services firm that specializes in serving non-U.S. clients.
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Previously, Latini served as the country head of wealth and personal banking in Malaysia
She replaces Pablo Sanchez who has left the bank to pursue other opportunities.
Bailard
The wealth and investment management firm has named Sonya Mughal as chief executive.
She was chief operating officer and chief risk officer. Sonya has spent the entirety of her 27-year financial career at Bailard.
Preceding chief executive Peter Hill is transitioning into the position of executive.
MAI Capital Management
The independent registered investment adviser firm has named Michael Dvorkin as managing director and senior wealth adviser.
Based in the greater Miami area, Dvorkin is transitioning his clients to MAI and establishing MAI’s presence in southeast Florida.
Another Wells Fargo Team Heads to Snowden Lane for Non-U.S. Biz Advisor Alfredo Garcia decided to move to Snowden Lane after Wells Fargo announced in January it would stop catering to international clients, which make up a majority of his book.
Snowden Lane has recruited another team from Wells Fargo Advisors. Alfredo Garcia, who managed over $100 million in assets under management, decided to make the move to Snowden Lane after Wells Fargo announced in January it would stop catering to international clients.
“That took us by surprise, and it took a while for us to regroup and try to find strategies as to what would be our future,” said Garcia, who joins Snowden Lane’s New York headquarters.