Advisors With $1.4B Leave Credit Suisse For J.P. Morgan
Two Credit Suisse teams managing over $1.4 billion in combined client assets passed on an offer to join Wells Fargo, choosing instead to move to J.P. Morgan, a spokeswoman acknowledged.
Credit Suisse and Wells Fargo struck a deal over a month ago, permitting the wirehouse to offer the Swiss firm's advisors up to 300% of their annual production to transition to Wells Fargo, according to people familiar with the matter. However, some advisors have been opting to join other the wirehouse competitors or more specifically, J.P Morgan Securities.
Advisors David Greene, Andrew Firstman, Mark Horncastle and Christian Cram joined J.P. Morgan in Atlanta, where they report to Regional Director Pete Secret.
In a statement, Greene said he made the move to J.P. Morgan because of its boutique model and resources.
Horncastle provided similar reasons for his move to the firm, saying that J.P. Morgan Securities "is a client-centric business backed by the strength and stability of a global powerhouse."
In the larger of the two moves, the team of Firstman, Horncastle and Cram managed more than $900 million in client assets while at Credit Suisse. Their clients included wealthy families as well as foundations and other institutions.
Firstman started his financial career in 1986 at E.F. Hutton, according to FINRA BrokerCheck records. He later worked at Lehman Brothers and Smith Barney before joining Donaldson, Lufkin & Jenrette in 1996. That firm was later acquired by Credit Suisse. Horncastle and Cram joined him at the firm in 1998 and 2000 respectively.
Greene started his career at Goldman Sachs in 1998 and moved to Credit Suisse in 2010, according to BrokerCheck records. He works with high-net-worth families, according to J.P. Morgan.
The new additions come on the heels of several other Credit Suisse advisor moves. For example, J.P. Morgan recently picked a $240 million team in Chicago. Advisors Christian Habitz and Sarah Damsgaard now report to Regional Director Michael Maron.