Pete Secret, one of J.P. Morgan Securities’ small cadre of field managers, is on leave from the broker-dealer, without explanation, according to multiple sources.
His departure, together with that of Jennifer L. Roberts, the longtime branch administrative manager at Secret’s Atlanta office, came without explanation. They were at the branch on Friday and did not show up on Monday, the sources said.
Neither Secret nor Roberts responded to requests for comment.
Chris Harvey, chief executive of the J.P. Morgan retail brokerage business, is working from the Atlanta office but has not offered an explanation nor named immediate replacements, two people said. A J.P. Morgan spokeswoman declined to comment, and Harvey did not respond to a request for comment.
J.P. Morgan has been building up the brokerage unit for wealthy individuals that it inherited when it acquired the failing Bear Stearns Cos. during the financial crisis. J.P. Morgan Securities remains a small business that competes with its parent company’s large private banking franchise.
Secret is one of nine regional managers, who oversee about 450 brokers in 21 offices across the U.S., according to a J.P. Morgan Securities website. He expanded his turf last month by hiring an $8-million-revenue team from UBS Wealth Management U.S.A. to open a Washington, DC, office for the business.
Secret has a reputation as a well-liked manager and effective recruiter, according to several headhunters and former brokers, all of whom spoke on condition of anonymity.
Prior to joining J.P. Morgan in April 2010, Secret spent all but one month of his brokerage career with Smith Barney and successor firm Morgan Stanley. He joined Smith Barney in Atlanta in August 1993, according to his BrokerCheck history, and left in the spring of 2010 as the Citigroup unit was being integrated into Morgan Stanley.
Roberts has been registered in the securities industry since 1994, according to her BrokerCheck history. She worked at Prudential Securities, PaineWebber and Raymond James before joining J.P. Morgan Securities in October 2003. She began as an operations manager and has been an executive director and branch administrative manager in Atlanta since January 2013, according to her LinkedIn profile.
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