Claudia Rea Lovell, who most recently oversaw UBS’s Century City, Los Angeles, branch, has been named managing director and “business leader” of First Republic’s 17 wealth offices in southern California, AdvisorHub writes, citing sources familiar with Lovell’s plans.
Lovell joined UBS after graduating from college in 2006 and worked up from the firm’s graduate training program to become assistant head of five UBS private wealth offices in southern California, Scottsdale, Ariz., and Denver and then to directly oversee 35 advisors at the Century City branch, the industry news website writes, citing Lovell’s LinkedIn profile.
UBS didn’t respond to AdvisorHub’s request for comment. Lovell is obligated to take a two-month garden leave and didn’t respond to the website’s requests for comment.
Separately, JPMorgan has lured a team of financial advisors from Merrill Lynch, a JPMorgan spokeswoman confirms to AdvisorHub.
Edward "Guy" Heartfield and Craig Steven Weinstein previously produced around $3 million annually at Merrill Lynch’s private wealth management unit, two sources tell the website. Heartfield had been with Merrill Lynch since 2009 and Weinstein since 2012, AdvisorHub writes. Merrill Lynch didn’t reply to the website’s request for comment.
“We are excited to join JPMorgan Securities and be able to offer the personalized service of a boutique organization and the global reach of one of the largest and most respected financial firms in the world,” Heartfield says in a statement cited by AdvisorHub.