Jefferies Grabs JPMorgan Advisor as His $2.4 Billion Partnership Dissolves
After working in a partnership that went back more than a decade to his rookie days at Lehman Brothers, J.P. Morgan Securities broker James Odorczuk split from his Boston team this summer to join Jefferies & Co.’s small retail brokerage group.
Odorczuk, who formalized his team arrangement with partner Ross Dolgoff in 2003, had built a joint book that Barron’s valued this year at $2.4 billion as the brokers maneuvered through a whirlwind of changes that took them from Lehman to Bear Stearns Cos. and, in the heart of the 2008 financial crisis, to JPMorgan Securities.
When Odorczuk jumped solo to Jefferies in Boston in July, he left behind Dolgoff and advisors Daniel Cote and David TIvin, according to the JORD Group’s JPMorgan website.
A person at Jefferies who declined to be named said Odorczuk and Dolgoff mutually agreed to part ways. Their arrangement prohibits Odorczuk from initiating contact with clients for about 90 days, but acknowledges that each will be allowed to try to maintain their relationship with accounts on which they were the lead contact, the person said. The team focused on corporate executives, entrepreneurs and private equity partners, according to this .
Neither Odorczuk nor Dolgoff responded to requests for comment on the split. A spokesman at Jefferies said he was unaware of Odorczuk’s arrival at the investment bank and trading firm’s small but growing wealth management unit of about 50 brokers. A spokeswoman for JPMorgan declined to comment.
“On Wall Street” magazine in 2013 featured Odorczuk as one of its top 40 brokers under the age of 40 in an article titled “.” Odorczuk said in the 2013 article that he and Dolgoff, who attended business school with Odorczuk’s wife, formalized their team arrangement at Lehman in 2003.
Odorczuk first registered as a broker with Hartford Equity Sales Co. in 1995, and joined Lehman in 1999, according to Finra’s BrokerCheck database. Dolgoff started his career in 2000 at Lehman.
Jefferies has been searching for a leader of its wealth management unit since April, when Michael Armstrong announced his departure to become chief executive of Royal Bank of Canada’s U.S. wealth management operations. The Jefferies spokesman declined to comment on the progress of the search.