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UBS defectors launch first J.P. Morgan Securities office of 2019

A former UBS team has bolted to open the first new J.P. Morgan Securities office of this year.

Fredrick Schultz and his team, which includes advisors Eric Teichberg, Kennan Low and Howard Rothman, launched the build-out of J.P. Morgan Security’s new office in Washington on Sept. 20.

JPMorgan 2 by bloomberg

Before Shultz joined UBS, where he was employed for eight years, he was at Morgan Stanley Smith Barney, now Morgan Stanley, for two years as part of a group that oversaw $659 million of client assets and generated $6 million in annual fees and commissions. A spokeswoman for J.P. Morgan Securities declined to disclose how much Schultz currently manages.

This is the fifth team to join JPMorgan Chase’s boutique brokerage in 2019. Other recruits have hailed from Florida, Massachusetts, Texas and Georgia, according to the firm.

Pete Secret, regional managing director at J.P. Morgan Securities, will oversee the trio and manage the new office.

A UBS spokeswoman says the company does not comment on its former employees. The firm has landed at least two dozen advisors so far in 2019 and about one third of those new hires have come from outside the wirehouse channel. Overall, the firm's headcount has dropped 4%, its Americas wealth management unit falling to 6,689 for the second quarter — down from 6,937 for the same period a year ago.

Schultz is an industry veteran with 27 years of experience, including work at Citigroup and Merrill Lynch, according to FINRA BrokerCheck records. Teichberg and Low each have 21 years of experience and Rothman has nine.

JPMorgan Chase has more than 700 employees working in the Washington metro area across all lines of its business. The firm serves consumers and businesses through 14 local Chase branches and more than 22 ATMs, according to the firm.

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