J.P. Morgan Securities opened a new branch office in Miami, and recruited a veteran broker from Goldman Sachs, a spokeswoman said.
It's the latest sign that the boutique wealth management unit is forging ahead on an aggressive recruiting push.
The firm has benefited from hiring cutbacks at the wirehouses, according to Jeff Bischoff, recruiter and president of Old Greenwich Consultants.
"They seem to have stepped away from the big teams. J.P. Morgan Securities and First Republic are more than happy to go in there and acquire. It's really those two firms that are getting all the attention and all the looks," Bischoff says.
J.P. Morgan Securities' focus is limited to the nation's wealthiest markets. This "battle royal" is playing out in places like Los Angeles, not Tulsa, Biscoff says.
The Miami office marks the firm's 20th branch, according to a spokeswoman. Veteran advisor Sergio Akselrad, who spent 27 years at Goldman Sachs, will be based there and four current J.P. Morgan Securities brokers will transfer from New York to the new office: Carlos Bonzon, Mario Lamar, Jonathan Madrigano and Richard Comeau. William “Billy” Krauss, who joined the firm from Morgan Stanley in May, will serve as assistant managing director leading the team, the firm says.
"Miami is a high-growth market for global families and businesses," Regional Director Mike Lee said in a statement. "We are excited to have Billy and Sergio join our team of high caliber advisors to offer their services to this dynamic community. Additionally, the firm is committed to mobility and we are pleased that four of our top advisors have the opportunity to relocate from NYC to help build the new office."
J.P. Morgan Securities other recent hires include David Reiser, who previously managed $500 million at Morgan Stanley; Michael Taggart, who previously managed $800 million in client assets at Merrill Lynch; and a team of three advisors that managing $443 million in assets at Merrill Lynch.