J.P. Morgan Hires $315 Mln Morgan Stanley Trio in Philly, Loses $1.2 Bln Team in NYC
J.P. Morgan Securities went one-for-two in the recruiting wars on Friday, landing a three-person team led by a 34-year Morgan Stanley advisor in Philadelphia and losing a trio of New York City advisors with 91 years of brokerage experience to RBC Wealth Management.
The advisors are “a strong culture fit,” J.P. Morgan Securities Chief Executive Chris Harvey said in a prepared statement.
Glackin, who first registered as a broker in 1984 with First Jersey Securities, shifted in 1987 to Morgan Stanley Dean Witter for his three-decade stay. He declined to comment on his team’s move following their long Morgan Stanley careers.
Ridpath had been with the wirehouse since the start of his career 20 years ago, while Bonsall first registered to sell securities in 1989 with Dean Witter. She moved to Prudential Securities for six months in 1992 before rejoining what was then Morgan Stanley Dean Witter in 2006, according to her BrokerCheck history.
The New York City women who left J.P. Morgan—Eden Lopez, Leslie Schwartz and Paula Steinberg—were managing $1.2 billion in client assets, according to RBC, which did not disclose their production.
The trio, who joined with three client associates, have a large book of music and entertainment executives and performers in New York, Los Angeles and Nashville who will be well-served by City National, the Los Angeles-based bank RBC bought in 2015, according to RBC.
“Not only does our team have a longstanding relationship with local RBC Wealth Management leadership in New York, but we also see the firm’s relationship with City National Bank as an opportunity to even better meet the very unique financial needs of our clients, especially those in the entertainment industry, where managing money is very different,” Lopez said in a prepared statement.
The women began their brokerage careers at Smith Barney, and have long known Minneapolis-based RBC’s New York complex director John Moran, a 25-year Smith Barney/Lehman Brothers veteran, according to RBC.
Lopez, who Forbes ranks #199 on its 2020 list of the top women advisors, could not immediately be reached for additional comment. She started her career at Smith Barney in 1997, shifted to Merrill Lynch in 2007 and joined J.P. Morgan in 2009, according to BrokerCheck.
Schwartz, a 36-year industry veteran, started at Smith Barney predecessor Shearson Lehman in 1983, hopped to Merrill in 2006 and also moved in 2009 to J.P. Morgan, according to her BrokerCheck history. Steinberg similarly began at Smith Barney in 1989 and moved to Merrill and J.P. Morgan Securities on the same dates as Schwartz, her record says.
—Jed Horowitz contributed to this story.