JPMorgan Loses Exec to Key Competitor
Michael Lee has joined First Republic Private Wealth Management to oversee its New York office, sources with knowledge of the move tell InvestmentNews.
Lee is currently on leave and will join First Republic in a couple of months, one of the sources tells InvestmentNews.
"His hiring is intended to help the growth of the business," one of the sources, who didn’t want to be identified, tells the publication. "It’s more support for the financial advisers."
A spokesman for First Republic declined comment to InvestmentNews and a JPMorgan spokeswoman didn’t return the publication’s calls for comment.
First Republic has been aggressively luring financial advisors from rivals in recent months.