J.P. Morgan Securities recruited two Credit Suisse financial advisors who managed $240 million in client assets, a spokeswoman confirmed.
Advisors Christian Habitz and Sarah Damsgaard joined J.P. Morgan's Chicago office, where they report to Regional Director Michael Maron.
Since announcing a deal in October to allow its advisors to transition to Wells Fargo, Credit Suisse has been losing advisors to rivals such as UBS and Merrill Lynch. One Wells Fargo executive recently described the battle of the Swiss firm's brokers as a "feeding frenzy."
UBS has landed a number of large Credit Suisse teams. The wirehouse's latest grab was a group managing $1.8 billion in Century City, Calif., a Los Angeles suburb.
Wells Fargo offered Credit Suisse advisors up to 300% of the annual production to transition to the firm, according to people familiar with the matter. Some advisors, however, are opting to move to other boutique or wirehouse competitors.
In a statement, Habitz and Damsgaard said that they joined J.P. Morgan because its resources and "high-touch boutique model" was the best fit for their practice and clients.
Habitz said that the move "made the most sense for me."
The team works with high-net-worth families and individuals with an emphasis on financial planning, the firm says.
Habitz had worked at the Swiss firm since 2009 while Damsgaard joined in 2014, according to FINRA BrokerCheck records. Previously, Habitz worked at Morgan Stanley. Damsgaard was a principal at Reinhart Partners prior to joining Credit Suisse.
This is not the first Credit Suisse advisor to join J.P. Morgan Securities, which recently recruited an advisor managing $200 million in client assets from the Swiss firm. Advisor Chip Eggers joined J.P. Morgan in Los Angeles where he reports to Frank Epinger, regional director
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