J.P. Morgan Securities pulled three advisors managing $443 million in assets from Merrill Lynch, a spokeswoman said.
It's the latest big Merrill Lynch team to join J.P. Morgan's elite brokerage unit. A Merrill broker overseeing $800 million in client assets joined the boutique firm in mid-May. And two advisors managing $2 billion in client assets in Merrill jumped to J.P. Morgan in January.
The boutique firm's newest hires consist of Jonathan McPharlin, Daniel Halperin and Charles A. Cooper, Jr. They each have less than 10 years of experience in the industry, all of which they spent at Merrill Lynch.
A spokeswoman at Merrill declined to comment on the team’s departure.
J.P. Morgan’s advisor headcount has been steadily increasing. It has recruited 160 new advisors since the beginning of last year, according to earning reports (this number includes advisors with J.P. Morgan Securities, as well as other wealth management divisions). Headcount is likely to go up as the firm pulls in more recruits.
Many of the firm's new hires come from wirehouses, including a $1.2 billion advisor J.P. Morgan hired from Wells Fargo in late April.
A spokeswoman at J.P. Morgan declined to offer additional comment on the firm’s growth.
The new team will be located at the J.P. Morgan branch in Chicago.