An advisor who managed $800 million in client assets left Merrill Lynch to join J.P. Morgan Securities, a spokeswoman said.
Michael Taggart joined the high-end wealth management firm in New York as a financial advisor and managing director, according to the company. He reports to Mike Lee, regional director.
Over the past year, J.P. Morgan Securities has pulled in a number of elite brokers and teams managing large books of business. Last month, the firm hired Jack Hafner, a Barron's top advisor and former Wells Fargo broker who once managed $1.2 billion in client assets.
For his part, Taggart ― who focuses on serving ultrahigh-net-worth clients and family offices ― pointed to J.P. Morgan's platform's utility to his clients as a reason for making the move.
"Being part of a boutique culture within a great global bank is also very attractive. This is an incredible opportunity to deliver the personalized service and tailored capabilities that the firm is known for," he said in a statement.
Taggart had been with Merrill Lynch for a decade, according to FINRA BrokerCheck records. He was previously worked at U.S. Trust, which, like Merrill, is owned by Bank of America.
A spokeswoman for Merrill Lynch could not be reached for immediate comment.