An advisor crew managing $28B in consumer property for Financial institution of America’s (NYSE:BAC) Merrill Lynch division joined JPMorgan Chase’s (NYSE:JPM) wealth administration unit on Friday in what might be the largest-ever recruitment transfer in wealth administration historical past.
The crew, led by advisors Eric Grey and Lance Polverini, has joined JPM’s Wealth Administration unit in Los Angeles. The Grey-Polverini crew, specializing in ultrahigh-net-worth purchasers and their households, is claimed to have generated $10M in annual income.
“We very a lot sit up for taking our follow to the following degree, leveraging the extraordinary assets and experience of J.P. Morgan on behalf of our purchasers,” Grey, an business veteran with over 30 years of expertise in advisory, mentioned.
The Grey-Polverini transfer dwarfs one other blockbuster rent in 2023 when RBC Wealth Administration in Columbus, Ohio, added the ESOP Group, with near $5.5B in consumer property, from UBS (UBS), making it the most important wealth-related hiring in response to the recruiting agency Diamond Consultants.