A team that oversaw $1.2 billion at UBS left to join J.P. Morgan Securities Thursday ― squeaking in their move just prior to UBS's planned exit from the
The six-member group, led by Kurt Sylvia, joined J.P. Morgan Securities in Palm Beach, Florida, a company spokeswoman confirmed. Sylvia said they made the move in part because of J.P. Morgan's platform and resources.
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With two wirehouses out, questions arise as to whether Merrill Lynch will follow suit.
November 27 -
While it was driven by the big firms’ desire to avoid litigation costs, there was a catalyst, without which I believe there would have been no pact.
November 16 -
Four of the departures happened in New York following the firm's abrupt departure from the Broker Protocol.
November 2 -
The 15,000-plus-advisor firm's move could spur rivals to follow. Will the litigation return?
October 30
Sylvia, an industry veteran of 24 years, had been with UBS since 2008, according to FINRA BrokerCheck records.
Sylvia's team is latest mega group to join J.P. Morgan Securities, which has been on a recruiting tear this year. The boutique wealth manager has picked up a number of large wirehouse teams, including several from Morgan Stanley in the wake of its announced departure from the Broker Protocol.
The 13-year old industry accord has permitted brokers switching firms to take basic client contact information with them when switching employers. The future of the protocol has been called into question follow Morgan Stanley and UBS's exits. Together, the two firms represent more than 22,000 advisors.
Following its exit announcement,
