A mega team has jumped to Deutsche Asset & Wealth Management from J.P Morgan Private Bank.

The three-member team oversaw $3 billion in assets, according to a person with knowledge of the move.

Deutsche isn't the only firm to pick up a billion-dollar team. In recent weeks, a $2.4 billion and a $3 billion team jumped from Morgan Stanley to Raymond James and Merrill Lynch respectively.

Recruiter Courtney Raymond says that as retention deals continue to vest off, the large brokerage firms are positioning themselves to add new teams.

Elizabeth McCourt, a recruiter at Renaissance Unlimited, says that the bull market has left many clients happy and helped advisors reach higher production levels. Now, she says, advisors have an opportunity to stick with the status quo or take advantage of a favorable recruiting landscape.

“The deals are still pretty aggressive. We keep saying we’re not sure how long this will last, but it seems like right now that the aggressive and rich deals that we have been seeing are holding strong,” she says.

Oti Roberts joined Deutsche as a managing director and senior private banker, while Freddy Menjivar joined as director and senior investment advisor. Scott Shuffield also joined as an associate banker.

Robert and his team will be based in Miami, serving ultrahigh-net-worth clients in the firm's southeast region. The group will report to Chip Packard, co-head of wealth management in the Americas.

At J.P. Morgan, Roberts worked as a managing director and senior private banker. He was also a part of the bank’s 14-member private bank advisory council, said the firm.

Menjivar had been an executive director at J.P. Morgan, overseeing the private bank's investment practice in South Florida. He began his career at the bank’s Palm Beach office in 2000.

Shuffield had been an analyst with J.P. Morgan in Miami.

The team joins as Deutsche has been on a recruiting spree over the past year. Some of its key hires last year included Lee Hutter, who was appointed head of the bank's U.S. western region and Mark LaRoe, who started the private banking office in Dallas.

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