Morgan Stanley hired two advisors from J.P. Morgan Securities, the brokerage arm of JPMorgan Chase.
Advisors Mark Horowitz and Joel Bodner previously managed approximately $750 million in client assets and generated $5.3 million in annual production, according to two people familiar with their move.
A J.PA J.P. Morgan spokeswoman declined to comment on their departure. A Morgan Stanley spokeswoman confirmed the two advisors had joined the company.
Signage at Morgan Stanley headquarters in New York, U.S.
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Horowitz and Bodner are based in New York.
Horowitz has been an advisor since 2005 and was registered with AllianceBernstein before joining J.P. Morgan Securities in 2015, according to BrokerCheck, a public database maintained by industry self-regulator Finra.
Bodner is returning to Morgan Stanley having been a registered rep at the company from 2003 to 2005, according to BrokerCheck. He later worked at UBS before moving to J.P. Morgan in 2015.
Morgan Stanley has recently stepped up its advisor recruiting efforts, having previously cut back on hiring. The company no longer provides advisor headcount in its earnings reports, but executives have said they are experiencing low attrition.
J.P. Morgan has also ramped up advisor recruiting as part of an effort to expand its revamped wealth management operations. The bank has said it wants to hire hundreds of advisors in the coming years.
Write to Andrew Welsch at [email protected]
