J.P. Morgan Advisors Nabs $3.7-Mln UBS Team in Boston
A UBS Wealth Management USA team with $3.7 million in revenue hit the road on Friday to join J.P. Morgan Advisors in the second multi-million dollar Beantown departure from the wirehouse in a week.
They moved along with two client associates, Aaron Nardozza and Abigail Globsky, and report to Rick Penafiel, J.P. Morgan’s regional director for Boston, Palm Beach and Miami who last week hired a $6.4 million team from Morgan Stanley.
“As solid as they come,” said a former UBS manager who had hired Taylor to the wirehouse in 2009 from Smith Barney but spoke on condition of anonymity because he did not have permission from his current firm. “He understands how the business operates and how to solve problems, and is a true professional.”
A spokesperson for UBS declined to comment, and Taylor could not immediately be reached for comment. UBS last week lost another Boston team led by Laurence Knowlton that had generated $9.2 million at a separate UBS private wealth management branch.
J.P. Morgan Advisors, the legacy Bear Stearns group formerly known as J.P. Morgan Securities, includes around 450 advisors and since April has been led by former Merrill Lynch executive Phil Sieg. Its former Chief Executive, Chris Harvey, had said in October the group aimed to hire around 50 high-end teams annually.
The J.P. Morgan spokesperson did not immediately respond to a question about whether its goal still stands.
Taylor joined UBS in 2009 from Smith Barney, where he had spent the first 15 years of his career aside from six rookie months at Kidder, Peabody & Co.
Mosesian started as a broker at Smith Barney in 2001 and also joined UBS in 2009, the same year that the Smith Barney brokerage group was purchased by Morgan Stanley.