$1.6B team leaves Morgan Stanley for J.P. Morgan Securities
J.P. Morgan Securities enticed away a team overseeing $1.6 billion in assets from Morgan Stanley, a spokeswoman confirmed.
It's the latest hire for the bank's boutique wealth management unit. Earlier this week, J.P. Morgan Securities hired a New York-based Morgan Stanley advisor who managed $350 million in client assets.
J.P. Morgan's newest hires, led by advisor Robert Gilman, also joined the firm's New York office. They report to Mike Lee, regional manager.
Gilman cited the firm's brand, platform and senior management as reasons for making the move.
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Gilman, an industry veteran of 24 years, had been with Morgan Stanley since 2007, according to FINRA BrokerCheck records. He previously worked at UBS.
There were nine members of his team, according to the group's profile on Morgan Stanley's website, which was still available as of Thursday morning.
A spokeswoman was not available for immediate comment.
J.P. Morgan Securities has been operating under new leadership this year; Chris Harvey became CEO of the unit in March, replacing Greg Quental. The boutique firm, which has approximately 400 advisors, has recently stepped up hiring efforts while its larger wirehouse rivals have cut back.
Regional and independent firms have also ramped up recruiting in a bid to entice advisors away from the wirehouses.
Those efforts are paying off. Through the first nine months of this year, the big four firms have picked up advisors who managed more than $14 billion in assets, according to hiring announcements. Their smaller rivals, meanwhile, have announced new recruits who managed more than $60 billion.