Merrill Hires Stock-Plan Team in San Francisco from J.P. Morgan Securities
A northern California team that specialize in advising Silicon Valley executives and corporate employees on stock plans, jumped on Monday to Merrill Lynch after eight years with J.P. Morgan Securities, continuing a stream of departures from Morgan in the Golden State.
Maurice Storch and Mark Mattingly had been with the San Francisco brokerage office of the New York-based banking giant since March 2009, and worked at UBS Securities in the city for six years before that and at Smith Barney. They moved with their client associate, Eliza Kohlhas, she confirmed on Monday evening, and are working out of offices in both San Francisco and Menlo Park.
The team produced between $1.5 million and $2 million in the previous 12 months, according to two sources who spoke on condition of anonymity. The brokers, who report to San Francisco branch manager Michael Roman, did not return requests for comment on their production or the reason for their moves, and Kohlhas declined comment.
Although Merrill retrenched in June from recruiting veteran brokers with fat signing bonuses, Storch and Mattingly likely qualified for the former more lucrative package because they had been negotiating to move prior to imposition of the freeze, said one source, who spoke on condition of anonymity. Merrill officials have said that deals in the documentation pipeline as of June 1 would qualify for the old deal.
J.P. Morgan Securities has lost several veteran teams in southern California in the past 18 months to Morgan Stanley and UBS Financial Services, despite curtailment of conventional recruiting at those firms as well. Wells Fargo Advisors also boosted its ranks with a JP Morgan veteran in Chicago when it hired Ned Kennedy earlier this year to manage a group of high-net-worth brokers, many of whom joined from Credit Suisse.
Storch has been a registered representative since 1995, and worked at Bear, Stearns, Merrill and Smith Barney before joining UBS in 2003, according to his BrokerCheck history. Mattingly began his career at Bear, Stearns in 1998 and did a short stint with A.G. Edwards before joining Smith Barney in 2000 and UBS in 2003.