Louis Diamond Quoted – By Jennifer Lea Read, Financial Advisor Magazine – A high-profile scuffle between a member of J.P. Morgan’s advisory group and its private bank group intensified last week when J.P. Morgan asked a U.S. District Court to require one of its former advisors, Gwen Campbell, to post a $10 million bond to cover any losses the bank might suffer should her request for a temporary restraining order—designed to protect her clients from internal poaching at the firm, she said—be granted.
Louis Diamond Quoted – By Lynnley Browning, Financial Planning – Wall Street banks compete ferociously with each other to entice star wealth managers with ultra-rich clients to jump ship and work for them. JPMorgan Chase allegedly brings that warfare in-house, pitting its own financial advisors against its own private bankers in a Hunger Games-style competition for control over lucrative clients, a new lawsuit claims.
By Andrew Welsch, OnWallStreet – A team that managed $1 billion in client assets quit Merrill Lynch to join J.P. Morgan Securities, the bank’s high-end brokerage unit. Financial advisors Christopher Andrews, Jacob Robert Webb, David Luther signed on with J.P. Morgan Securities in Palm Beach, Florida, where they report to regional director Rick Penafiel.
Louis Diamond Quoted – By Brooke Southall, RIABiz – A breakaway senior banker from J.P. Morgan Private Bank will use the broker-dealer, RIA and back office of HighTower Advisors LLC but will keep ownership and the newly minted name of his new firm. Miami-based Marc Shachtman, 49, is launching True Wealth Advisory Group with $500 million of managed assets — assets that will sit on Chicago-based HighTower’s ADV.
Mindy Diamond Quoted – By Mason Braswell, InvestmentNews – J.P. Morgan Securities is stepping up its game and hoping that top financial advisers will take notice.
