Merrill Lynch has hired Steven Schroko, a private banking executive in New York, from JP Morgan, according to US press reports. The hire co...

Merrill Lynch has hired Steven Schroko, a private banking executive in New York, from JP Morgan, according to US press reports. The hire corresponds with plans by Merrill to open a new private banking office in New York designed to target ultra-high net worth clients. Mr Schroko headed JP Morgan’s family wealth group in New York and is expected to target similar clients with his Merrill position. Merrill's private banking unit has around $439 billion in assets under management with a team of 21 private wealth advisor teams, mostly based in New York. The teams handle accounts of clients with at least $10 million in assets to invest. Mr Schroko will report to Jennifer Povlitz, managing director and head of Merrill's private banking investment group in New York.