JPMorgan Chase & Co's retail brokerage arm, JPMorgan Securities, has hired a team of advisers from its bigger wealth management rival Morgan Stanley, where the team managed $1 billion in client assets, the bank said late Wednesday.
Twin brothers Jay and Neil Canell, along with Justin Dembo joined JPMorgan in New York City, where they will operate under the name the Canell Group.
Morgan Stanley is the largest U.S. securities brokerage by sales force with more than 15,700 advisors. JPMorgan Securities has roughly 420 financial advisers who manage $110 billion in client assets, according to the firm.
JPMorgan Securities went through a leadership shakeup last month when Chris Harvey was named the new chief executive. His predecessor Greg Quental will retire at the end of the year. Quental had led the boutique wealth management firm since joining from Bear Stearns in August 2010.
Morgan Stanley spokeswoman Christine Jockle confirmed that the advisers had left but declined to comment beyond that.
Neil Canell said his group was drawn to JPMorgan's banking services, like mortgages and customizable loans, which are useful for their high net worth client families.
"We believe that we will be able to make their experience just as personal as it has always been, but now with greater speed, better tools and platforms as well as more bank offerings," Canell said in an email.
This article was provided by Reuters.