J.P. Morgan Fires Back, Recruits $6.4-Mln Morgan Stanley Team
J.P. Morgan Advisors, the Wall Street bank’s traditional brokerage unit, nabbed a Morgan Stanley team generating $6.4 million in annual revenue with offices in Palm Beach Gardens, Florida and New York City, according to an announcement.
The incoming J.P. Morgan team is led by 38-year broker Mark G. Donohue and oversaw $1.1 billion in client assets, according to the announcement. Donohue had ranked #12 on Forbes’ best-in-state wealth advisors list in Florida for 2021.
The group also includes 35-year industry veteran Gordon M. Sommer Jr., who is based in New York, as well as investment and client associates Butch Massaro and Steven Olson. They report to Rick Penafiel, regional director for J.P. Morgan who oversees offices in Boston, Palm Beach and Miami.
“We’re excited to welcome Mark and his award-winning team to the group of high caliber advisors at J.P. Morgan Wealth Management in Palm Beach,” Penafiel said in a written statement.
Donohue declined to comment for this story, as did a Morgan Stanley spokeswoman.
J.P. Morgan Advisors, formerly known as J.P. Morgan Securities, last month said it had replaced its chief executive, tapping former Merrill Lynch executive Phil Sieg to lead the group, which includes around 450 brokers and itself has been aiming to hire around 50 high-end teams per year.
The Advisors unit also last week said it hired a Merrill broker with $230 million in client assets.
Donohue moved to Morgan Stanley in 2011 after 26 years at RBC Wealth Management-U.S. and its Tucker Anthony Inc. predecessor, according to his BrokerCheck record. He started in the industry in 1982 at a municipal bond dealer and underwriter Gabriele Hueglin & Cashman, according to the database.
The lone disclosure on Donohue’s record, allegations based on a customer dispute, were denied.
Sommer, who started his career in 1981 at Laidlaw, Martin & Moysey, also moved to Morgan Stanley in 2011 from RBC, where he had spent two years, according to BrokerCheck. He prior to that worked for three years at J.P. Morgan Securities, and six other firms before that.
Sommer has two disclosures on his BrokerCheck record, including a 2013 judgement for $9,376 in favor of a landscaping company, and a customer dispute based on 2010 allegations of unauthorized and excessive trading that settled for $26,330 of $38,846 requested.