J.P. Morgan Hires Veteran NY Wirehouse Broker Managing About $500 Million
J.P. Morgan Securities notched another win in its energized campaign to poach upscale wirehouse brokers to its fiefdom of under 500 brokers on Wednesday.
David R. Reiser, who had been with Morgan Stanley and predecessor Smith Barney since 2008, and with UBS for more than a decade previously, had been managing about $500 million in client assets for ultra-high net worth individuals, a spokeswoman confirmed.
He was joined by his business partner, Patrick M. Murphy, whose Morgan Stanley biography says he has more than 15 years of experience “providing strategic advice” to executives of Fortune 500 companies, including those at AT&T, American Express, Barnes & Noble, Prudential Insurance and Quaker Oats.
Neither Reiser, who began his brokerage career at Kidder, Peabody & Co. in 1986, nor Murphy, who first registered as a broker in 2010 at Morgan Stanley, returned requests for comment.
A Morgan Stanley spokeswoman confirmed their departure.
Reiser, who worked out of offices in Manhattan and Newport, R.I., made headlines last month when a mansion he and his wife had built near Newport in 2016 went on the market for $18.2 million. That outpaced the oceanside resort’s century-old mansions as the most expensive listing in the state, according to “Rhode Island Monthly.”
J.P. Morgan Securities, seeded by its parent bank’s absorption of Bear Stearns Securities during the financial crisis, began opportunistically calling on Morgan Stanley brokers after the firm announced its decision late last year to leave the Protocol for Broker Recruiting.
J.P. Morgan Securities, which traces its roots to Bear Stearns brokerage unit, has been growing its ranks of around 400 brokers with several wirehouse hires this year, including a Merrill team with $443 million in assets who joined in Chicago earlier this month.
It also added another large Morgan Stanley broker, John W. Slattery, who joined in January in Greenwich, Conn.
Reiser’s move was reported earlier Wednesday by “On Wall Street,” which quoted a prepared statement in which the broker said his clients and prospects will benefit from the boutique’s “technology and support offerings, as well as the access to a wide range of wealth management tools.”