Credit Suisse Loses $1.3B Advisors to J.P. Morgan
J.P. Morgan Securities recruited four Credit Suisse advisors who manage more than $1.3 billion in combined assets, a spokeswoman said.
They are among the latest advisors to leave Credit Suisse following the firm's announcement that it was leaving the U.S. wealth management market. The Swiss-based firm inked a deal with Wells Fargo, giving the wirehouse the inside track on recruiting its advisors. Yet many advisors are passing on the offer, opting to join rivals such as J.P. Morgan and UBS.
So many advisors have gone to UBS – more than 70 according to one source – that Credit Suisse hit its Swiss rival with a raiding claim suit in arbitration.
In the largest of the recent moves, advisors David DeLaney and Alan Davis manage $700 million in client assets, J.P. Morgan said.
DeLaney and Davis had been at Credit Suisse and its predecessor firm for about two decades, according to FINRA BrokerCheck records. DeLaney is an industry veteran, having started his career in 1977 at Merrill Lynch.
"After extensive due diligence, we decided that J.P. Morgan Securities had the best platform and culture for us to create custom wealth management solutions for our clients," DeLaney said in a statement.
J.P. Morgan also recruited advisor Elliott Hutchinson, who manages $500 million according to the firm. Hutchinson started his career in 1984 with Kidder, Peabody, according to BrokerCheck records. He joined Donaldson, Lufkin & Jenrette, in 1995, and stayed through that firm's acquisition by Credit Suisse.
Advisor Tripps Moog also joined J.P. Morgan from Credit Suisse, where he worked as a director for the past seven years, according to J.P. Morgan. Previously, he worked at Lehman Brothers.
All four advisors joined J.P. Morgan in Atlanta, where they report to Regional Director Pete Secret. In the same city, J.P. Morgan recently picked up four other Credit Suisse advisors who managed more than $1.4 billion in assets. Secret said that the "new hires join an already strong and growing Atlanta office and we are excited to have some of the top industry performers become members of our team."
A Credit Suisse spokeswoman declined to comment.