J.P. Morgan Securities recruited a Morgan Stanley advisor who oversaw $500 million in client assets, a spokeswoman confirmed.
Ex-Morgan Stanley advisor David Reiser joined J.P. Morgan Securities in New York, where he reports to Mike Lee, regional director.
It's the latest wirehouse hire for the boutique wealth management unit, which caters to ultrawealthy clients. Earlier this month, J.P. Morgan Securities picked up a Merrill Lynch team that managed $443 million in client assets.
For Morgan Stanley, the departure is also the most recent example of a broker leaving the firm since its departure from the Broker Protocol in November 2017. The protocol allows brokers switching employers to take basic client contact information with them. Leaving the industrywide accord could make it more difficult for advisors to notify clients of their departure. Morgan Stanley also filed several lawsuits in the past nine months against departing brokers for violating non-solicitation agreements.
Still, some advisors have still opted to make career changes. Stifel said last week that it hired a Morgan Stanley veteran advisor who managed $175 million in client assets.
In making his move, Reiser cited J.P. Morgan Securities' boutique environment and platform as reasons to switch employers.
"My clients and prospects will benefit from the technology and support offerings, as well as the access to a wide range of wealth management tools," he said in a statement.
Reiser is an industry veteran, having started his advisory career at Kidder, Peabody & Co. in 1986, according to FINRA BrokerCheck records. He later worked at UBS for 13 years prior to joining Morgan Stanley in 2008.
A Morgan Stanley spokeswoman was unavailable for immediate comment.