J.P. Morgan Advisors Hires Wells Duo with Billion-Dollar Book in L.A.
J.P. Morgan Advisors has wooed a Wells Fargo Advisors team in Los Angeles with around $2.5 million in revenue, according to a person familiar with the move.
Reeder and Durand did not immediately return a call for comment left at their J.P. Morgan branch, which is overseen by James M. Dean.
A spokeswoman for J.P. Morgan confirmed the hire but declined to comment on assets or production or whether any other associates moved with the duo. A Wells spokeswoman declined to comment.
Reeder had been part of a $2 billion-asset team when he joined Wells Fargo in 2015 along with Richard Blosser, his former partner. Blosser, who had managed about half that amount at the time, left in 2019 to join a registered investment advisory firm Axxcess Wealth Management.
Reeder started his career at Salomon Smith Barney in 1998, moved to Deutsche Bank Alex. Brown a year later and then joined UBS in 2007, according to BrokerCheck.
Durand started at UBS in 2008 and moved with Blosser and Reeder to Wells Fargo in 2015, according to his BrokerCheck record.
J.P. Morgan Advisors (formerly known as J.P. Morgan Securities) had set a goal last year under its prior chief executive Chris Harvey to hire as many as 50 brokers annually. Its current head, Phil Sieg, who is the brother of Merrill Lynch Wealth Management president Andy Sieg, took over in April.
A brother-sister duo with $1 billion in customer assets also left last month to start their own RIA with offices in Milwaukee, Chicago and Miami.
Wells at the end of March had 13,277 brokers in its Wealth and Investment Management division, down 2%, or a net 236, in the first quarter of 2021 and down 8% from 14,364 in the prior year.