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JPMorgan Loses Exec to Key Competitor

March 15, 2019

First Republic Bank continues filling its wealth management division with recruits from large brokerages, most recently hiring an executive from JPMorgan, according to news reports.

Michael Lee has joined First Republic Private Wealth Management to oversee its New York office, sources with knowledge of the move tell InvestmentNews.

Lee ran JPMorgan’s Midtown Manhattan branch, according to the publication, and is listed as managing director at JPMorgan on his LinkedIn profile. He joined in 2009 from Smith Barney.

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.

In February, the firm nabbed a team of experienced advisors in New York from Wells Fargo.

At the end of January, First Republic snatched a 23-year veteran of the industry from UBS Financial Services in California.

Last year, First Republic added several advisors from Merrill Lynch, as well as more advisors from UBS and Wells Fargo.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.