$1B team quits Morgan Stanley for J.P. Morgan Securities
J.P. Morgan Securities netted its first big recruiting grab under its new leader: a $1 billion team from Morgan Stanley, a spokeswoman for the bank acknowledged.
The new hires come a month after the elite brokerage unit, which serves ultrawealthy clients, tapped Chris Harvey to serve as CEO, replacing Greg Quental who retired.
The team consists of brothers Jay and Neil Canell as well as Justin Dembo. They group joined J.P. Morgan Securities' office in New York on Monday. They report to Mike Lee, regional director.
Speaking on behalf of the group, Canell said they made the move in part because they believed J.P. Morgan would enable them to offer "more personalized service and a wider range of banking services" to their clients.
The elite unit "offers us direct access to extensive asset management resources and industry ranked research capabilities," Canell said in a statement.
A spokeswoman for Morgan Stanley was not immediately available for comment on their departure.
The team had been at the wirehouse and its predecessor firm Smith Barney since 2006, according to FINRA BrokerCheck records. The group was previously affiliated UBS.
All three advisers started their careers at Lehman Brothers; the Canell brothers in 1993, and Dembo in 1994.
J.P. Morgan Securities currently has approximately 420 financial advisers who operate from 19 offices.