J.P. Morgan Private Bank Adds to Ranks in NYC with Spate of Hires
J.P. Morgan appears to be pushing back against a tide of departing private bankers who have left in recent months, mostly for wirehouse UBS Wealth Management USA, with some selective hires into its New York City office.
In the most recent of the moves, Emily Brunner on Wednesday joined J.P. Morgan Private Bank as an executive director and wealth advisor. She had been with UBS since 2012, according to her BrokerCheck report, and had been a senior wealth strategist at its Advanced Planning Group working with wealthy customers, according to a UBS website.
Prior to entering the brokerage industry, Brunner practiced law at Roberts & Holland, a New York-based firm focused exclusively on tax and estate planning, according to the J.P. Morgan spokeswoman. Brunner, who remains a member of the New York State Bar Association, will be offering tax-driven estate planning to “some of the firm’s most significant clients,” the spokeswoman said.
On June 29, Joe Dursi, former chief investment officer at Dynasty Financial Partners, joined the private bank as an investment specialist and managing director. Dursi had joined Dynasty, a service provider for registered investment advisors, in 2017 and took over the CIO role in 2019.
Prior to his tour at Dynasty, he was head of investment solutions for Deutsche Bank Wealth Management in the Americas, and U.S. head of portfolio consulting at Barclays/Lehman Brothers, according to his BrokerCheck report and the J.P. Morgan spokeswoman.
Neither Brunner nor Dursi responded to requests for comment sent through social media.
Another hire, banker Daniel Battista, was recruited from investment bank Brown Brothers Harriman in April and first registered as a broker with J.P. Morgan on June 18, according to his LinkedIn profile and BrokerCheck report. Battista had worked in the private wealth management division of Brown Brothers Harriman, where he began as an intern in 2012, according to his LinkedIn.
Also in April, the firm had hired into the private bank Thomas Nagy, a former financial consultant for Charles Schwab & Co., and Colin Ford, a 12-year industry veteran most recently with Citi Private Advisory.
Nagy, who joined April 28, began his brokerage career with Calton & Associates in 2013 and joined Schwab the next year, according to his BrokerCheck.
Ford, who joined April 7, began his career with Morgan Stanley Smith Barney in 2009, and had been a Citi private banker since 2012, according to his LinkedIn and BrokerCheck.
More than a dozen J.P. Morgan Private Bank teams or solo-practitioners have left since October 2020, according to a tally of previously reported moves. The majority have joined UBS while one group signed with the Royal Bank of Canada’s City National Bank last month, and another recently joined Chicago advisory firm Cresset Asset Management.
Appetite among the wirehouses for high-end private bankers does not appear to have waned, either. Morgan Stanley Wealth Management this week brought onboard a J.P. Morgan Private Bank advisor in New York said to have overseen $4 billion in assets.
J.P. Morgan, meanwhile, has said attrition levels are normal and that it plans to double its advisor headcount by adding 1,500 new advisors in the private bank over the next five years.
Separately, the bank on Thursday announced plans to more than double its roster of traditional brokers in its J.P. Morgan Advisors unit to 1,000. The business currently has around 450 brokers compared to the roughly 2,500 globally in the private bank, which is housed under a separate division.