J.P. Morgan said Friday it has plans to hire more people within its global private banking wealth management business, adding to the five senior appointments, four in the U.S. and one in London, within the last two weeks.
Competition is heating up in the wealth management space, as the needs of wealthy clients expand and competitors rush for talent. The hiring strategies are as diverse as the offerings from major firms ramping up wealth management offerings.
BNY Mellon Wealth Management announced May 22 that it is growing its sales force by 50%, and plans to add private bankers, mortgage bankers, portfolio managers and wealth strategists in key markets across North America over the next two years.
Credit Suisse last year launched a "Grow Our Own" program to train university graduates as assistant relationship managers after one year and MBA holders into relationship managers after three years.
J.P. Morgan declined to comment on its strategy or how many people it plans to hire, but the latest round comes from a variety of firms.
The world’s largest bank by assets on Thursday announced the addition of John Elmes as a managing director and senior business advisor focused on client and advisor experience for the U.S. Private Bank. He most recently served as operating committee member and head of investments at GenSpring Family Offices, SunTrust’s multi-family office affiliate. Prior to GenSpring, he served as director at Alex Brown and Partner at Arthur Andersen.
A day earlier, J.P. Morgan said it named Nathan Chapman as vice president and private banker in its Dallas office, serving high-net-worth clients in the Dallas-Fort Worth area. Chapman joins from Bernstein Global Wealth Management where he was a financial advisor. Before that he worked in the leveraged finance and portfolio management groups at ORIX Corporate Capital. He also worked at Wells Fargo after beginning his career as an analyst for the Federal Reserve Bank of Dallas.
Andrew Kennedy joined May 20 as executive director and private banker in the United Kingdom from SAM Capital Partners in London, where he was chief operating officer and head of business development. Before SAM, he was a senior member of the alternative investments group at Dresdner Kleinwort, a principal at Onda Capital, and an investment banker in equity capital markets at J.P. Morgan in London.
On May 15, Bob Graziano was named private banking market manager for Los Angeles for ultra-high net worth individuals and families. He hails from Northern Trust where he served as managing partner of the family advisory services group. Prior to Northern Trust, he was the club president and chief operating officer for the Los Angeles Dodgers.
Kate Moore on May 14 was appointed to the newly created role of chief investment strategist based in New York. She most recently served as global equity strategist at Bank of America Merrill Lynch. She previously was emerging markets strategist for Moore Capital Management and part of the global strategy team in the Investment Management business at Morgan Stanley.