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Merrill Lynch hires adviser with $113M in AUM from JP Morgan

Merrill Lynch hired an adviser who oversaw $113 million in client assets at JP Morgan, a spokeswoman said.

Cathy Reed worked at JP Morgan for four years before joining Merrill Lynch. She now works in Merrill’s office in Austin, Texas.

Reed, an industry veteran, started her career at Morgan Stanley in 1988, according to FINRA BrokerCheck records. She later worked at firms such as H&R Block and LPL Financial.

Entrance Bank of America Merrill Lynch Financial Centre in London on October 9, 2014 BLOOMBERG NEWS
A sign sits on a wall outside the King Edward Street entrance to the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg

A spokeswoman for JP Morgan declined to comment on the adviser's departure.

Merrill’s announcement comes just a day after the firm said it recruited another JP Morgan adviser who oversaw $1 billion in clients.

Despite the new additions, the company plans to slow down recruiting efforts. Merrill executives told managers that the firm would reduce recruiting senior advisers.

Merrill, which has more than 14,000 brokers, will focus on recruiting younger advisors instead, a person who has knowledge of the changes said.

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