Cresset announced Friday that two teams managing roughly $5 billion in client assets at J.P. Morgan Wealth Management joined the firm in San Francisco.
The teams, which had been affiliated with First Republic Bank before joining J.P. Morgan last year, were part of a trend on Friday. Both Merrill Lynch and Citizens Bank also reported adding sizable teams from J.P. Morgan that had previously been at First Republic. JPMorgan Chase agreed to buy First Republic last May, after the bank failed, and a number of First Republic advisors were reported to have exited both before and after the transaction.
Merrill added a Florida-based team with $3.5 billion in assets and Citizens added a California team with $5 billion in assets.
One of the two teams joining Cresset has 10 members and is led by Dagny Maidman, who has 27 years of experience, according to her BrokerCheck report, including a seven-year stint at First Republic. Her team focuses on “weeding out uncompensated risk and employs dynamic hedging strategies,” according to a statement, which cites the team’s “derivatives knowledge.”
The second team has five members and is led by Chris Chase and Erik Ralston.
“These entrepreneurial teams are a great cultural fit for Cresset and share our values,” Avy Stein, co-founder and co-chairman at Cresset, said in the statement. “Like Cresset, they have a client-first, fiduciary mindset and work closely with their clients and their advisors to provide comprehensive, highly individualized solutions that successful families expect and deserve.”
Cresset, a family office and private investment firm, had more than $45 billion of assets as of April 1.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
Torrance, California-based EP Wealth welcomes a $900 million team in Idaho as Merit adds its first office in Utah.
The $1 trillion RIA is getting serious on inorganic growth as it welcomes the M&A veteran for a dedicated leadership role.
The undoing of the penalty, which has hung over the Wall Street bank for seven years, marks a significant victory for CEO Charlie Scharf.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
