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 Broker Protocol on Dec. 1.
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.
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, Morgan Stanley lost more than 10 teams managing over $7 billion in client assets. J.P. Morgan was among the beneficiaries of that movement, picking up several groups, including a New York-based team led by Colleen O'Callaghan and Norm Thomas. Their group managed over $3 billion in client assets.
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