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Morgan Stanley nabs $10M producers from J.P. Morgan Securities

Morgan Stanley recruited a billion-dollar team from J.P. Morgan Securities, showing that while the wirehouse may have cut back on overall hiring it continues to selectively pick up top talent.

Advisors Mario Lamar and Carlos Bonzon joined Morgan Stanley Private Wealth Management and operate from two locations: Miami and New York. A company spokeswoman confirmed they joined the wirehouse this week.

Lamar and Bonzon were both ranked on Forbes’ 2019 Best-in-State Wealth Advisors, and listed as having team assets of $1 billion. They serve ultrahigh-net-worth clients. Forbes described the duo’s average client size as $25 to $50 million.

Morgan Stanley agreed to sell a business that administers its alternative investment feeder funds to iCapital, a financial-technology firm run by a former Goldman Sachs banker.
Morgan Stanley signage is displayed on the exterior of the company's headquarters in New York, U.S., on Tuesday, July 12, 2016. Morgan Stanley is scheduled to release earnings figures on July 20. Photographer: Eric Thayer/Bloomberg

The duo generated $10 million in annual revenue, according to a person familiar with the matter.

A spokeswoman for J.P. Morgan Securities declined comment to comment on the advisors’ departure.

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Lamar and Bonzon have 19 and 20 years of industry experience, respectively. They had worked at J.P. Morgan Securities since 2011, having previously operated at Barclays, according to FINRA BrokerCheck records.

More than a dozen teams with a billion or more in assets have switched employers so far this year, though the majority have opted to either join regional broker-dealers or opened independent firms, according to hiring data analyzed by On Wall Street.

The duo join a firm that is no longer a member of the Broker Protocol, an industrywide accord that Morgan Stanley left in late 2017 and which permits brokers switching employers to take basic client contact information with them. The firm cited loopholes allegedly exploited by rivals as a reason for leaving the 15-year-old agreement.

The wirehouse has since sued a number of advisors leaving the company for competitors over alleged violations of nonsolicitation agreements, winning its most recent lawsuit July 10.

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