Welcome to Financial Advisor IQ

JPMorgan Loses $30B Advisor Team to UBS

March 26, 2018

JPMorgan last week lost a team overseeing $30 billion to UBS and an advisor overseeing $100 million to Wells Fargo’s FiNet, according to Citywire and FA magazine.

UBS Wealth Management’s internationalunit picked up five JPMorgan Private Bank advisors focused on ultra high net worth clients primarily in Mexico, according to Citywire, which cites a memo from UBS international wealth chief Rick Gonzalez. Miguel Barbosa, Alfonso Barros, Carlos Rodriguez-Aspirichaga, Juan Calderón and Ricardo Mendez join UBS as managing directors in its New York, Miami and Houston offices, according to the memo cited by the news website.

All five held senior executive roles, with Barbosa overseeing a team of close to 100 professionals working out of New York, Miami, Houston, Geneva and Mexico City handling more than 600 Mexican accounts, according to Citywire. Barros oversaw 40 staff working out of New York, Geneva and Mexico City, the website writes, citing the memo. Rodriguez-Aspirichaga was head of JPMorgan Private Bank Mexico, Calderón led the team in JPMorgan Private Bank’s Houston office and Mendez was head of prospecting in the company’s Mexico City branch, according to Citywire. JP Morgan Private declined comment to the website.

Meanwhile, over in Niles, Mich., JPMorgan lost Dathan Lumpkins, who managed more than $100 million, according to FA magazine. Lumpkins joins Wells Fargo Advisors Financial Network, the company’s independent channel, the publication writes. FiNet also picked up a $400 million team from Merrill Lynch, according to FA Magazine. Shawn Greseth, Donovan Laib and Chris Kellett join FiNet’s office in Plymouth, Minn., the publication writes.


It wasn’t all departures for JPMorgan last week, however. Sergio Akselrad, a Goldman Sachs & Co. retail broker in Miami who’s been with the firm since 1990, is joining JPMorgan Securities, AdvisorHub writes. Sources tell the website that the broker is joining JPMorgan after a three-month garden leave. Akselrad managed about $1 billion and generated around $6 million annually at Goldman, one of the sources tells AdvisorHub. JPMorgan and Goldman spokeswomen declined comment to the website.

By Alex Padalka
  • To read the Citywire article cited in this story, click here.
  • To read the AdvisotHub article cited in this story, click here.
  • To read the FA Magazine article cited in this story, click here.