First Republic snags another Wall Street veteran, this time from J.P. Morgan

First Republic snags another Wall Street veteran, this time from J.P. Morgan
Michael S. Lee will run the New York territory for First Republic's wealth management business.
MAR 13, 2019

First Republic Private Wealth Management has hired Michael S. Lee, who ran J.P. Morgan Securities' prominent Midtown Manhattan branch, to run its New York office, according to two sources with knowledge of the move. Mr. Lee was a prominent branch manager in Manhattan at Smith Barney before leaving that firm in 2009 to start working at J.P. Morgan. Currently on leave, Mr. Lee will not join First Republic for at least a couple of months, one source said. His title at First Republic will be managing director and regional business leader, and he will, in essence, be in charge of the New York territory for the bank's wealth management group. "His hiring is intended to help the growth of the business," said one of the sources, who did not want to be identified. "It's more support for the financial advisers." J.P. Morgan Securities midtown office has at least 100 reps and financial advisers, according to another source. Mr. Lee is just the latest in a series of high-profile hires by First Republic, which has been aggressively recruiting financial advisers for more than two years. For example, in February First Republic Bank said it had hired four high producing advisers in New York from Wells Fargo Advisors. Led by George Fuchs and David Schulman, those advisers manage $1.5 billion in client assets. A spokeswoman for J.P. Morgan, Kaitlin Finnerty, did not return calls on Wednesday to comment. A spokesman for First Republic, Greg Berardi, declined to comment.

Latest News

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

iCapital secures $820M in latest funding, hits $7.5B
iCapital secures $820M in latest funding, hits $7.5B

The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

What does it take to feel 'financially comfortable' or 'wealthy' in 2025?
What does it take to feel 'financially comfortable' or 'wealthy' in 2025?

New report shines a light on how Americans view wealth today.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.