J.P. Morgan Securities recruited an advisor managing $200 million in client assets from Credit Suisse, a spokeswoman confirms.
The move comes after Credit Suisse recently struck a deal with Wells Fargo Advisors, permitting the wirehouse to recruit away advisors at the Swiss firm's U.S. private client unit. Credit Suisse is in the midst of a major restructuring under new CEO Tidjane Thiam.
Wells Fargo is offering Credit Suisse's advisors up to 300% of their annual production to transition their business to the wirehouse, according to people familiar with the matter. Executives have started visiting Credit Suisse offices to make their pitch, and the wirehouse has plans to fly advisors to Wells Fargo Advisors' headquarters in St. Louis.
Passing on Wells, former Credit Suisse advisor Chip Eggers joined J.P. Morgan in Los Angeles where he reports to Frank Epinger, regional director.
Eggers spent ten years at Credit Suisse, according to FINRA BrokerCheck records. Prior to that, he was a managing director at Neuberger Berman from 1994 until 2005.
A Credit Suisse spokesman declined to comment.
Eggers' focus is on high-net-worth clients and their family offices. He says he was drawn to J.P. Morgan because of its boutique model and platform, adding that the firm "presented a unique cultural fit."
In July, the firm announced 10 new recruits who managed more than $2 billion in assets at their previous firms. Half of those new hires came from Barclays, which is selling its U.S. brokerage unit to Stifel Financial.