J.P. Morgan Said to Nab Veteran Goldman Sachs Broker in Miami
Another Goldman Sachs & Co. retail broker is leaving, even as the prominent investment bank and trading firm steps up its efforts to work with individual investors.
Sergio Akselrad, a broker in Miami who has been with Goldman since 1990, will join a Florida office of J.P. Morgan Securities once his “garden leave” required under his Goldman contract expires in three months, said several sources familiar with his move. Akselrad was managing around $1 billion in assets and had generated fees and commissions of around $6 million over the past year, one of the sources said.
The broker, whose LinkedIn website says he was a managing director at Goldman and has an undergraduate and business degree from Columbia University, did not respond to several requests for comment. He began his brokerage career with a unit of Alex. Brown in 1989, according to his BrokerCheck record.
His move underscores an uptick in the departure of brokers from Goldman’s small private wealth unit, a formerly rare event because of the firm’s unusual garden-leave provisions for retail brokers that make it difficult for them to contact former clients immediately and because of the prestige of its name, recruiters have said. At least five teams have left the firm since last summer for Morgan Stanley, First Republic and independent platforms, including groups in Washington D.C., Chicago and San Francisco
“It’s a powerful name, and advisors still call me about Goldman,” said Mindy Diamond, a New Jersey-based recruiter who has pulled brokers from the firm in an interview last month. “But they have never recruited competitively or paid aggressive transition packages.”
For J.P. Morgan, whose retail brokerage group is built around the Bear Stearns franchise it purchased during the heart of the financial crisis, the hire continues a newly aggressive loosening of the recruiting pursestrings. The bank-owned broker-dealer opened a new office in Houston and also lured several Morgan Stanley and UBS Wealth Management brokers late last year when those firms were preparing to leave the Protocol for Broker Recruiting.
J.P. Morgan Securities is in the Protocol for Broker Recruiting, which allows brokers to bring some client contact information with them when they join other signatory firms, but Goldman is not.
Spokeswomen at JPMorgan and Goldman Sachs declined to comment on Akselrad.
Akselrad, whose clients are mostly U.S.-based but include some in Latin America, according to one source, is expected to arrive at JP Morgan in June.
Goldman Chief Executive Lloyd Blankfein last month said he would like to expand the firm’s private wealth headcount to over 900 brokers from about 700 in 13 offices currently. Recruiters have said that the firm is likely targeting younger advisors from private banks rather than experienced wirehouse advisors.