J.P. Morgan Advisors Draws $300 Million-AUM Broker from Wells in NYC
J.P. Morgan Wealth Management has pulled a 37-year broker in New York City from rival Wells Fargo Advisors into its cadre of traditional brokers as the firm tries to stoke its recruiting fires.
Raymond J. Hayes, a solo producer who had been managing “over $300 million” in client assets, along with client associate Russell Moran, joined the J.P. Morgan Advisors unit on Wednesday, a J.P. Morgan spokeswoman confirmed. She declined to comment on Hayes’ production.
Hayes had been generating $1.5 million in annual revenue from $325 million in assets at the time of his 2010 move to Wells from RBC Capital Markets, according to a Reuters report on the prior move. He could not immediately be reached for comment on the move to J.P. Morgan.
“As we continue to recruit top advisor talent to J.P. Morgan Wealth Management, we’re excited to welcome Ray,” Wills said in a prepared statement. “We’re confident that clients will benefit from Ray’s decades of experience coupled with J.P. Morgan Wealth Management’s offerings.”
A Wells spokeswoman did not immediately respond to a request for comment on the departure.
Hayes had started his career in 1982 with a one-year stint at Fidelity Distributors and was next registered in 1985 with Seligman Securities, according to his BrokerCheck report. He moved in 1986 to Tucker Anthony Inc., where he remained until his 2002 move to RBC, according to the database.
His recruitment marks the first announcement of a large hire for the J.P. Morgan unit since firm leaders in July announced their intent to more than double broker headcount to 1,000 from about 450 over five to seven years.
The unit in May had reeled in another New York City-based solo producer, Keith “KR” Ward, who had been managing $230 million in client assets at Merrill Lynch.
In April, J.P. Morgan Advisors said it replaced its chief executive, tapping former Merrill executive Phil Sieg to lead the group. That same month, a $3 million-producing duo in New York City exited the J.P. Morgan unit for UBS Wealth Management USA.
J.P. Morgan Advisors sits within the bank’s U.S. wealth management division that is led by Kristin Lemkau and includes parent JPMorgan Chase’s self-directed investing platform and its roughly 4,000 financial advisors in bank branch offices.
Even if it succeeds in its aspirations to grow its ranks, J.P. Morgan Advisors would still be dwarfed in terms of headcount by Morgan Stanley’s roughly 16,000 brokers or Wells’ nearly 13,000 brokers.