JPMorgan Recruits UBS Private Wealth Advisors to Open D.C. Office
J.P. Morgan Securities expanded its wealth management turf on Thursday by hiring four brokers in Washington, DC, from UBS Wealth Management.
Led by Frederick (Rick) Schultz, the team also includes brokers Eric Teichberg, Kennan (Ken) Low and Howard Rothman. Schultz, Teichberg and Rothman had been with UBS since August 2011—which they joined from Morgan Stanley Smith Barney eight years ago—and hooked up there with Low, a 17-year UBS/PaineWebber veteran, according to their BrokerCheck records.
Vic Seested, a fifth broker who had partnered with Schultz for 20 years, remains at UBS and is forming a new group with fellow advisor William Finnerty, he said.
The Schultz team, which was known as The Washingtonian Group, was producing about $8 million on $1.5 billion in assets, inclusive of Seested’s contribution, said a person familiar with its book.
A spokeswoman at J.P. Morgan declined to discuss the team’s assets under management or production.
When UBS hired Schultz in August 2011, it said in a press release that the then-six-person team was producing $6 million in fees and commissions and overseeing almost $660 million of assets. The team at the time included advisors David Andreadis and Karen Ben-Shlaush, who subsequently formed their own group and remain with UBS in Washington, said people at the office.
J.P. Morgan Securities, which is comprised largely of former Bear Stearns brokers picked up as part of the bank’s rescue of that firm’s assets during the financial crisis, said its new D.C. office will be part of its Atlanta-based southeast region.
“We believe Rick and team are the ideal group to launch this new office,” Pete Secret, director of the region, said in a prepared statement.
J.P. Morgan’s private bank—whose primarily salaried advisors sometimes compete with the brokers for business—has long been in Washington, and the bank has 14 Chase bank branches in the metropolitan D.C. area.
“As one of the city’s leading wealth managers, we look forward to expanding our brand with the arrival of JPMS, and to partnering with our new colleagues to broaden our client base in our nation’s capital,” Jacqueline Perrins, D.C. market head of the private bank, said in a prepared statement.
The hires culminate a bittersweet end-of-summer for Secret. His hometown Atlanta branch last Friday said adieu to Wesley Pritchett, a 25-year securities industry veteran who had been with the office for six years. Pritchett joined Wells Fargo Advisors, according to his BrokerCheck record and to Wells.
Spokespeople at UBS Wealth, which has hired fewer brokers in the U.S. than have left in recent years, did not respond to requests for comment.