Morgan Stanley Hires $1.3-Mln J.P. Morgan Private Bank Duo in Boston and NYC
Morgan Stanley continues to pull salaried private banking teams to supplement its traditional wirehouse broker hiring efforts.
The two had generated around $1.3 million in annual revenue and oversaw $170 million in customer assets, according to the source.
Neither Grossman, who first registered as a broker at J.P. Morgan in 2011, nor Goldsmith, who started at J.P. Morgan in 2016, could immediately be reached for comment.
Their shift came three days after Morgan Stanley’s Boston office also captured $3.74 million-producing broker Michael Douvadjian from UBS Wealth Management USA.
Their move reflects the exodus of more than a dozen J.P. Morgan Private Bank teams since October last year–departures that also included some local managers. UBS has been the primary beneficiary, although Morgan Stanley in May hired a $7 million team in Salt Lake City.
Wirehouses have been looking outside their traditional hiring pools as the market for veteran brokers has heated up. Although they frequently work with ultra-wealthy customers, private bankers were often overlooked as their garden leave policies and clients’ close ties to the bank had made it difficult to transition their client assets.
But even registered investment advisory firms have stepped up their hiring efforts.
In another shift, Christine Leong Connors, a 22-year J.P. Morgan veteran and manager of its private bank operations in Northern California, has joined a San Francisco-based multi-family office following a three-month garden leave, according to an announcement.
Connors joined EPIQ Capital Group as president after her registration with J.P. Morgan formally lapsed on July 15. EPIQ was launched in 2018 by Chad Boeding, a founder of Iconiq Capital, the money manager with ties to Silicon Valley billionaires including Mark Zuckerberg.
EPIQ, which also has offices in Dallas and Reno, Nevada, focuses on clients with at least $100 million in assets, according to the release.