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Private Equity
privatebank.jpmorgan.com

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Investments

1

Funds

1

About J.P. Morgan Private Bank

The firm manages assets for high net worth individuals. It operates a fund that provides debtor-in-possession (DIP) loans. The firm also runs an alternative investments program that invests mainly in private equity, hedge funds and real estate. That unit manages secondary funds which targets stakes in private equity funds.

J.P. Morgan Private Bank Headquarter Location

245 Park Avenue

New York, New York, 10017,

United States

(212)648-1045

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Latest J.P. Morgan Private Bank News

Morgan Stanley Utah Broker Agrees to Stop Contacting Ex-Clients at J.P. Morgan Private Bank

Aug 30, 2021

Morgan Stanley Utah Broker Agrees to Stop Contacting Ex-Clients at J.P. Morgan Private Bank This Week’s Top 5: Merrill’s “Project Thunder,” Ex-J.P. Morgan Broker Faces $62-Mln in Claims, And More SEC Hints at Tougher Online-Broker Rules Over Game-Like Features First Republic Hires $1.6-Mln Merrill Up-And-Comer in San Francisco Close First Republic Hires $1.6-Mln Merrill Up-And-Comer in San Francisco Rockefeller Hires $2.1-Mln Stephens Broker, Morgan Stanley Nabs $1-Mln Merrill Producer After Quick U-turn at Stifel, Fired Nevada Broker Lands at Kestra Close SEC Approves Finra’s Deposit Requirement Rule for High-Risk Firms Finra Suspends Ex-Merrill Rep Who Sought Covid-Relief Loan for Ersatz Business SEC Settles with 27 Firms Over Form CRS Lapses Close Sirianni: Toxic Culture Opinion: Investors Conquered Fees but Not Their Own Behavior Close Merrill Systems Hiccuped on Thursday as Stocks Slid ‘The Rock’ Invests in Finance App Acorns, and New Users Get $7 High-Frequency Traders Love Business With Robinhood Close Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni Close A Morgan Stanley broker whose $7 million team left J.P. Morgan Private Bank in Salt Lake City, Utah this spring has agreed not to contact his former clients as J.P. Morgan continues to flex its legal muscle against departing bankers. J.P. Morgan accused Eric T. Smith, who had joined Morgan Stanley’s private wealth management unit on April 1 after a garden leave, of improperly soliciting “numerous” J.P. Morgan clients to move their accounts to his new firm, according to a May 17-filed complaint in the 3rd District Court of Salt Lake City. The clients at issue had assets totaling more than $100 million, the bank claimed. Under the order, Smith, formerly an executive director at the private bank, is prohibited from directly or indirectly soliciting clients and using or disclosing any confidential information as defined by the bank’s code of conduct. The previously unreported injunction was finalized May 27 and marks at least the second time J.P. Morgan has taken a former banker or team to court amid over a dozen departures in the past year. The order, which does not prohibit Smith from accepting in-bound calls or working with customers who have already transitioned their business, will remain in effect until a Financial Industry Regulatory Authority arbitration panel rules on J.P. Morgan’s request for permanent injunctive relief and damages, according to the order. As of Monday morning, there was no indication on the court docket of a decision in arbitration. Smith, as well as his Salt Lake City-based attorneys, Lara Swenson and Mitchell Stephens, did not respond to requests for comment. The agreement did not constitute an admission of wrongdoing, and the court did not make findings or any determination as to liability or whether Smith had violated his employment agreements, according to the order. Spokespeople for J.P. Morgan and Morgan Stanley both declined to comment. Smith, who had started his career in 2011 at J.P. Morgan, left the private bank along with managing director Brian R. Swenson, investor associate Jesse F. Bohannon, and two support staffers. They oversaw a total of $2.8 billion, sources said at the time. None of the other team members were named in J.P. Morgan’s complaint. J.P. Morgan had accused Smith of reaching out to at least nine former clients by email or phone, asking to meet or move their assets to Morgan Stanley. The firm also claimed that Smith in at least one instance told a former customer that the J.P. Morgan team was only compensated on new money brought in and that “service goes downhill” once you’re a client. J.P. Morgan also said it believed that Smith had taken confidential client information, including phone numbers and email addresses, which he used to contact customers. Smith had served about 54 J.P. Morgan households, “the majority of which were either pre-existing JPMorgan clients at the time they were assigned to Smith, or were developed by Smith at JPMorgan with JPMorgan’s assistance,” according to the complaint. The firm also claimed that Morgan Stanley had provided to Smith “substantial financial inducements” of more than $1 million in guaranteed loans and other incentives, in order to entice him to leave the private bank. J.P. Morgan’s legal efforts coincide with what headhunters say is an increasingly competitive market for private bankers as Morgan Stanley, UBS Wealth Management USA and even registered investment advisory firms vie for those advisors. The salaried banking pool had historically been a less enticing market for traditional firms given garden leave requirements, the challenge of transferring customers with deep banking ties and strict one-year customer solicitation bans. J.P. Morgan Private Bank earlier this month obtained a similar non-solicitation agreement from a private banking duo who joined UBS in Fort Worth, Texas. The bank has also been pursuing a years-long arbitration and court case against a Chicago registered investment advisory firm, Cresset Asset Management, and a senior executive over its “raid” on bankers. Like this article? Let AdvisorHub come to you! Sign up Share This

J.P. Morgan Private Bank Investments

1 Investments

J.P. Morgan Private Bank has made 1 investments. Their latest investment was in Plaid Technologies as part of their Series D - II on August 8, 2021.

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J.P. Morgan Private Bank Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/17/2021

Series D - II

Plaid Technologies

Yes

3

Date

8/17/2021

Round

Series D - II

Company

Plaid Technologies

Amount

New?

Yes

Co-Investors

Sources

3

J.P. Morgan Private Bank Fund History

1 Fund History

J.P. Morgan Private Bank has 1 fund, including J.P. Morgan DIP Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

J.P. Morgan DIP Fund

Restructuring/Distressed Debt

1

Closing Date

Fund

J.P. Morgan DIP Fund

Fund Type

Restructuring/Distressed Debt

Status

Amount

Sources

1

J.P. Morgan Private Bank Team

2 Team Members

J.P. Morgan Private Bank has 2 team members, including current Managing Director, Lawrence Unrein.

Name

Work History

Title

Status

Lawrence Unrein

Managing Director

Current

Douglas Wurth

Chief Executive Officer

Former

Name

Lawrence Unrein

Douglas Wurth

Work History

Title

Managing Director

Chief Executive Officer

Status

Current

Former

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