Ten-Million-Dollar J.P. Morgan Duo Joins Morgan Stanley
Two advisors who helped launch J.P. Morgan Securities’ Miami brokerage office serving high-net-worth U.S. and offshore clients, and who produced more than $10 million of trailing 12-month revenue, bolted to Morgan Stanley’s private wealth management unit on Thursday.
Mario Lamar and Carlos Bonzon are joining the firm as managing directors and will be jointly based in New York and Miami, a Morgan Stanley spokeswoman confirmed. They are reporting to Miami complex manager Kevin McCarty.
Lamar and Bonzon, who ranked 44th and 45th in Forbes 2019 list of top New York brokers with $1 billion of custodied assets, could not be reached for comment on the reasons for their move.
They had joined J.P. Morgan Securities in April 2011 after nine years at Barclays, Lehman Brothers and Citigroup Global Markets, according to their BrokerCheck records. (Both also worked early in their careers for three years at Morgan Stanley.)
They relocated from New York to Miami last summer to populate a new brokerage office that J.P. Morgan was opening in Florida to complement its longtime private banking operations there, according to a report in CityWire, which follows offshore wealth management. Another pioneer in the J.P. Morgan office was former Goldman Sachs wealth advisor Sergio Akselrad.
A J.P. Morgan spokeswoman declined to comment on Lamar and Bonzon.
Morgan Stanley in March combined its international wealth management business into its private wealth management unit of some 500 advisors. A person familiar with Lamar and Bonzon’s practice said it consists largely of domestic clients.
The combination of international and private client brokers who generally service customers with accounts of at least $10 million reflects the very wealthy customers generally served by U.S.-based international brokers as well as a managerial imperative. Morgan Stanley and rivals have been shrinking their number of international brokers as they seek to ensure compliance with anti-money-laundering and other U.S. and international laws.
Morgan Stanley and Merrill Lynch have stopped servicing customers in many nations outside the U.S., although Morgan Stanley has selectively hired brokers with international books, including recruits from Merrill and from Credit Suisse when that firm shuttered its U.S. operations in 2016.
Jose A. Salazar, Morgan Stanley’s Miami-based private wealth manager, left the firm in January and has since joined Insigneo Securities in Miami, which specializes in Latin American customers.
Bonzon first registered as a broker with Prudential Securities in 1998, moving a year later to Morgan Stanley Dean Witter. Lamar began his brokerage career at Morgan Stanley Dean Wittter in 1999, according to his BrokerCheck history.