Family Office

JPMorgan appoints PWM chief for northeastern U.S.

Thomas Coyle 4 September 2008

JPMorgan appoints PWM chief for northeastern U.S.

Adam Green back in the JPM fold after a two-year sojourn with Lehman Bros.. JPMorgan Chase has hired former Lehman Brothers executive Adam Green as director of its Private Wealth Management (PWM) group in the U.S. Northeast. The appointment is a homecoming of sorts: Green joined Lehman about two years ago after 13 years with JPMorgan.

"Adam's return is a win for both us and our clients," says Joseph Kenney, CEO of JPMorgan's PWM business. "We are excited to have someone with his talent and experience within our ranks to drive the success of the region."

Prior to re-joining JPMorgan, Green was in charge of Lehman's structured-products business in the Americas, and he had a seat on the firm's Equities Management committee.

Bank One

In his first stint at JPMorgan, where he began his career, Green held a number of management positions with the company's investment bank. Most notably, he was head of structured-products marketing and institutional marketing for equity derivatives. He was also on the investment bank's Policy Review committee.

Green will manage more than 200 PWM advisors in New York, New Jersey and New England in his new role with JPMorgan.

JPMorgan's PWM group started out as Bank One's retail wealth-management business. JPMorgan kept the group's legacy name -- Private Client Services -- for several years after its 2004 acquisition of Chicago-based Bank One, only switching to the "Private Wealth Management" moniker this year.

As it happens, Bear Stearns, which JPMorgan acquired a few months back, has a Private Client Services business line.

More bang

The PWM group at JPMorgan has 104 offices and nearly 900 advisors in the U.S., and it accounts for more than $120 billion in client assets. It provides banking, investment consulting, portfolio management, brokerage, tax and estate planning and insurance services. Broadly speaking, it caters to high-net-worth individuals, especially professionals and business owners.

JPMorgan's ultra-high-net-worth clients -- those with more than $20 million in investable assets -- are likely to come in for the company's private-banking treatment.

In 2007, JPMorgan's PWM group (then Private Client Services) brought in $1.1 billion in revenue on $112 billion in assets under supervision; its Private Bank had revenue of $2.6 billion on $433 billion in assets under supervision. -FWR

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