Merrill Lynch loses $633M team to J.P. Morgan Securities

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A former Merrill Lynch team that previously managed about $633 million in client assets has left the wirehouse to join JPMorgan’s high-end brokerage unit, a spokeswoman said.

Robert Burns and Janet Nevins and their seven-person team now operate at J.P. Morgan Securities. They are based in Palm Beach, Florida, and report to Regional Director Rick Penafiel.

In a statement, Burns and Nevins highlighted J.P. Morgan Securities’ platform and services as reasons for making the change, calling it “a global powerhouse with the personalized support of a boutique firm.”

Both Burns and Nevins are industry veterans.

Burns got his start in 1988, and has work experience at Olde Discount, Wachovia and Merrill Lynch, according to FINRA BrokerCheck records. He joined the wirehouse in 2009.

Nevins had worked at Merrill Lynch since joining the industry in 1997, according to BrokerCheck.

They’re the latest wirehouse advisors to join J.P. Morgan Securities, which caters to wealthy clients. The boutique brokerage has recruited several big teams from its larger wirehouse competitors this year in cities such as Miami, New York and Chicago.

Its previous hires were advisors Chris Sheets and Forrest Green, who joined J.P. Morgan Securities in Houston. They previously managed $900 million in assets while at Bernstein.

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Recruiting Career moves Boutiques Wirehouse advisors Merrill Lynch J.P. Morgan Securities