Morgan Stanley Hires $7-Mln Salt Lake Team from J.P. Morgan Private Bank
The group is led by advisors Brian R. Swenson, Eric T. Smith, and Jesse F. Bohannon and also includes support staff Melissa Sende and Charlotte Painter. They had overseen $2.8 billion in customer assets, and have joined Morgan Stanley’s private wealth management business after a 90-day garden leave, the source confirmed.
Swenson had been a managing director at J.P. Morgan, a corporate title that a source at the firm said previously carries a 90-day garden leave, while others moving with him were likely obligated to wait only 60 days or fewer before joining their new firm.
Swenson had also been head of the private banking business in Utah and Idaho, according to LinkedIn, which shows he started as an analyst at J.P. Morgan in Denver after graduating in 2003 from Brigham Young University.
Smith, who was an executive director, started his career at J.P. Morgan in 2011. Bohannon spent a rookie year at Jefferies in 2015 and worked at Morgan Stanley between 2016 and 2018 before joining J.P. Morgan, according to BrokerCheck.
A J.P. Morgan spokesperson confirmed the departure but declined to comment on client assets or production figures.
J.P. Morgan in March tapped private banker Kristin Schaefer to replace Swenson as market lead in the two states, according to an internal memo sent March 9. Schaefer had been with J.P. Morgan since 2020, when she left Wells Fargo & Co.’s Private Bank.
She had also worked as a global banking consultant at Wells Fargo in Palo Alto, California, before moving to Utah in 2016, according to the memo, and reports to Geoff Barker, J.P. Morgan Private Bank Market Manager for the Rockies Region.
“Her depth of experience, the global power of J.P. Morgan and local expertise of the Private Bank team will deepen our commitment to the region and offer a wealth management platform not seen before in this market,” Barker said in the memo.
Swenson’s team follows a path of large salaried banking teams who have been joining traditional brokerage firms with increasing frequency over the past year. Recruiters have said wirehouses have turned a fresh eye to those teams, which they had historically not targeted given the garden-leave policies and customer bank ties that can make transferring assets difficult.
UBS Wealth Management USA last week recruited what several sources said was one of the largest teams at J.P. Morgan, a Dallas group led by Cindy Brown who generated $75 million in revenue from $25 billion in assets. It also hired a $2 billion-AUM team from Bank of America’s private bank in California.
Merrill Lynch last month recruited a Citibank private banker in San Francisco who reportedly oversaw $17 billion in client assets.
Morgan Stanley has been aggressively recruiting large broker teams across the industry since it restarted its recruiting engine last year after pulling out in 2017 of the Protocol for Broker Recruiting, the industry recruiting and client solicitation pact. Morgan Stanley no longer breaks out specific headcount, which a spokesperson said last month is around 16,000, including several hundred call-center based brokers.
J.P. Morgan Private bankers are also exempted from the Protocol, which its parent bank applies to only around 450 brokers in its legacy Bear Stearns unit.