A $4 million team has left J.P. Morgan for Merrill Lynch, according to the firm.

Shawn Gold and his team, specializing in high- and ultrahigh-net-worth clients, oversaw roughly $425 million in client assets at J.P. Morgan, Merrill said. The group spent nearly 13 years at J.P. Morgan before making the move.

Gold now reports to Deborah Shepherd, complex director at Merrill's branch in Princeton, N.J.

Prior to joining J.P. Morgan in 2001, Gold worked for the New York-based Wall Street Discount Corporation from 1996 to 1998, according to FINRA's BrokerCheck.

Joining in the transition is Farah Kazmi, who will serve as Gold's client associate, the firm noted.

"After much thought and consideration, I chose Merrill Lynch because of their vast network of specialists in asset management, lending, trust and estate planning, all capabilities that are critical to delivering high quality advice and solutions to clients," Gold said.

Merrill recently announced the addition of a former Deutsche Bank team managing $160 million in client assets to the firm's Boca Raton, Fla., office.

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