J.P. Morgan Securities recruited an advisor managing more than $1 billion in client assets from Credit Suisse, a spokeswoman confirmed.
Advisor Paul Gasparro joined J.P. Morgan in New York, where he reports to Mike Lee, regional director.
Gasparro has more than two decades of industry experience, having started his career at Lehman brothers in 1993, according to FINRA BrokerCheck records. He joined Credit Suisse in 2008.
He said in a statement that he made the move to J.P. Morgan for its boutique service model.
"Having access to top resources, research and team members through the high-touch boutique model allows me to tailor strategies specific to every client," Gasparro said.
Gasparro is the latest advisor to depart Credit Suisse, which is exiting the U.S. brokerage market. The firm recently entered into an exclusive recruiting arrangement with Wells Fargo, permitting the wirehouse to entice away its advisors.
Wells Fargo has offered brokers up to 300% of their trailing production to move their books of business, according to people familiar with the matter.
Many advisors, however, have been passing on Wells Fargo's offer to join other wirehouses or J.P. Morgan's boutique unit. The latter firm's recent hires include a Credit Suisse team managing about $900 million in client assets.
Team members David Greene, Andrew Firstman, Mark Horncastle and Christian Cram joined J.P. Morgan's Atlanta office. They report to Regional Director Pete Secret.
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