First Republic Lands $12-Million J.P. Morgan Securities Team in NYC
(Corrects to note team is the third largest to join First Republic.)
First Republic Bank on Friday landed a team generating $12 million in annual revenue at J.P. Morgan Securities in New York City, according to three people familiar with the move.
The 15-person group, which is led by managing directors Adam Zipper, Joseph Duarte and Christopher Gates, had been overseeing around $1.7 billion in client assets, the sources said. The team, which was called ZD Advisors, includes four other advisors and eight associates, according to their former JPMorgan website.
They are the third largest hire for San Francisco-based First Republic’s private wealth unit this year following a Goldman Sachs team with $16.5 million in New York in February and a $14-million group led by former J.P. Morgan advisor Salvatore Tiano in Florida in January.
Like Tiano, the ZD Group reports to Michael S. Lee, a former New York regional director for J.P. Morgan Securities who officially joined First Republic in June last year as a regional leader overseeing branches in New York, Florida and Connecticut. Lee’s contractual obligations with JPMorgan have expired, allowing him to recruit from his former firm, according to a person familiar with the matter.
A spokeswoman for J.P. Morgan Securities, which includes around 475 advisors in the legacy Bear Stearns’ retail brokerage JPMorgan acquired during the 2008 financial crisis, declined to comment on the ZD Group’s departure.
First Republic, which has around 185 brokers, has added five teams year-to-date on pace with the 10 it added last year. In another NYC move in May, it hired a $7-million revenue team led by Steve Condos from Morgan Stanley’s private wealth group. It also this month hired former ultra-high net worth strategist Stacy Allred from Merrill Lynch.
The ZD team also includes advisors Andrew Damato, John Mulligan, Andrew Gallagher and Nicholas Duarte, according to their former team page. They have 10, eight, four and three years of experience, respectively, according to their BrokerCheck records.
Prior to joining J.P. Morgan in 2009, Zipper, who was also a portfolio manager, worked for 12 years at Smith Barney where he built his book to over $1 billion in assets under management, according to his former JPMorgan bio.
Duarte, a 27-year industry veteran, started at First Asset Management in 1993, registered with Joseph Gunnar & Co. in 1996, and joined J.P. Morgan Securities in 2009, according to his BrokerCheck record.
Gates had been with J.P. Morgan Securities and its Bear Stearns predecessor since 1995 and works with a variety of clients including, governors, astronauts, and fashion executives, according to his former JPMorgan bio and BrokerCheck.
He started his career at Morgan Guaranty Trust Company in 1974 and also helped manage investments for IBM Corporation and worked as an institutional bond salesman before moving into retail brokerage in 1992 at CS First Boston Corporation.