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Merrill Lynch loses $1B team to J.P. Morgan Securities

A team that managed $1 billion in client assets quit Merrill Lynch to join J.P. Morgan Securities, the bank’s high-end brokerage unit.

Financial advisors Christopher Andrews, Jacob Robert Webb, David Luther signed on with J.P. Morgan Securities in Palm Beach, Florida, where they report to regional director Rick Penafiel.

Close up of signage stands on display outside the JPMorgan & Chase Tower in downtown Chicago, Oct. 7, 2017
Signage stands on display outside the JPMorgan & Chase Tower in downtown Chicago, Illinois, U.S., on Saturday, Oct. 7, 2017. JPMorgan Chase & Co. is scheduled to release earning figures on October 12. Photographer: Christopher Dilts/Bloomberg

In a statement, Andrews said his team switched to J.P. Morgan Securities for the firm’s resources and “long history of providing holistic wealth management services to high-net-worth families, business owners and foundations.”

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Andrews was a Merrill Lynch veteran with more than two decades of industry experience, according to FINRA BrokerCheck records. Webb and Luther each had approximately a decade of experience, per BrokerCheck.

Associates Claire Schrotenboer and Giovanna Triana are also moving with the advisors.

A Merrill Lynch spokeswoman was unavailable for immediate comment.

The group joined J.P. Morgan Securities, an aggressive recruiter in recent years, approximately a week after the boutique wealth manager lost a billion-dollar team to Morgan Stanley.

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