J.P. Morgan Moves Again, Hires from UBS in Atlanta, Dallas, Palm Beach
(Updates with J.P. Morgan’s hire of UBS team in Palm Beach, Florida, in penultimate paragraph.)
J.P. Morgan Securities continues to swell its broker ranks with refugees from firms pulling out of the Protocol for Broker Recruiting.
Its latest target is UBS Financial Services, whose exit from the Protocol on Friday morning will expose its advisors to potential legal obstacles if they try to persuade former clients to follow them to a new firm.
New York-based J.P. Morgan, which recruited a lodestone of Morgan Stanley brokers on the eve of that firm’s Protocol departure one month ago, on Thursday landed the UBS team of Richard Edge and John “Jack” Minson in Atlanta, according to people familiar with their move. The duo collectively produce around $5 million of fees and commissions and were overseeing roughly $600 million of client assets, according to a person familiar with their production.
Edge began his career as a registered representative with Morgan Stanley in November 2000, and left eight years later for his nine-year stint at UBS, according to BrokeCheck. Minson worked briefly at A.S. Goldmen at the start of his 22-year career before joining Morgan Stanley in late 1995 and leaving for UBS with Edge in November 2008. The BrokerCheck histories of each of them are unmarked by disclosures.
Neither returned calls for comment on their moves, on how the timing may have coincided with maturation of signing-bonus promissory notes or whether they accelerated their departure plans after UBS’s Protocol announcement on Monday.
In Dallas, J.P. Morgan—whose brokerage roots lie in the old Bear Stearns Securities retail franchise—hired the father-son team of Richard and Steven Stroud, who sources said generated a little over $1 million in commissions and fees from their client book.
The elder Stroud, a 39-year industry vet and former Smith Barney branch manager who had worked at UBS for 11 years, confirmed his arrival at J.P. Morgan Securities’ office but declined to discuss production.
“It’s something we’ve been considering for a long time,” he said in a brief interview when asked if the Protocol decision led them to move earlier than planned.
His son first registered as a broker in February 2007 with UBS, where he had spent his entire career.
Other brokers who recently joined J.P. Morgan Securities said the bank-owned broker has been opportunistically working out liberal terms to land experienced brokers at a time when it has been losing some of its Bear, Stearns veterans.
“They may as well pick up the right teams while they can and a good way to do that is to up the deal,” said Louis Diamond, a New York-based recruiter at his family’s Diamond Consultants who said he was not familiar with what this week’s UBS teams may have negotiated.
The deal apparently made sense to Kurt Sylvia, a 24-year veteran broker who spent the last nine years with UBS in Florida. He and five associates who were collectively managing about $1.2 billion for UBS customers joined J.P. Morgan Securities in Palm Beach on Thursday a spokeswoman said. They had around $6 million in production, according to a source familiar with their business.
Spokespeople at UBS did not respond to requests for comment.