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May 19, 2022
FIRST REPUBLIC AND UBS PLUCK MANAGERS FROM J.P. MORGAN ADVISORS ON BOTH COASTS
by Jake Martin
|
Advisor Moves, News
|
First Republic, JP Morgan, UBS
|
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Stephen F. McCashin, J.P. Morgan’s Regional Director in San Francisco, is
returning to UBS as a broker.
Two more managers at J.P. Morgan’s traditional brokerage unit are on the move
with one bound for First Republic Bank in New York City and the other returning
to production at UBS Wealth Management USA in San Francisco.
Jason Stanco, regional director of J.P. Morgan Advisors’ New Jersey and
Westchester offices, is leaving to help run First Republic Private Wealth
Management’s New York City office, according to two sources familiar with the
move.
Currently registered in White Plains, New York and Morristown, New Jersey,
Stanco had started at UBS in 2000, moved to Morgan Stanley in 2010 and joined
J.P. Morgan in 2014, according to his BrokerCheck record.
Stanco did not return a request for comment sent via social media. He has
resigned from J.P. Morgan but is serving out a garden leave before he can join
First Republic, according to the sources.
At First Republic, Stanco will be reporting to Robert Weiss, regional business
leader for New York, Connecticut and New Jersey, according to the source. Weiss
from 2011 to 2014 led J.P. Morgan’s private wealth management business in New
Jersey, according to his LinkedIn profile.
Separately, on the West Coast, another J.P. Morgan Advisors manager is going
back to his roots as a full time broker at UBS, according to sources familiar
with the move.
Steve McCashin, regional director of the J.P. Morgan unit’s San Francisco
office, will remain in San Francisco but join a Los Angeles-based team upon
serving out a garden leave, according to the sources, who did not identify the
new team.
McCashin had been “heavily involved” in recruiting former Merrill Lynch star
Gwen Campbell over to the firm in October 2020, according to a lawsuit Campbell
filed against J.P. Morgan in December 2021. Campbell had claimed she was
ultimately “lured into a shark tank” in which the firm’s Private Bank poached
from her billion-dollar book while her managers, including McCashin, conceded
they were “powerless” to stop it.
McCashin, who was not named as a defendant in Campbell’s suit, did not respond
to a request for comment sent via social media. He had joined J.P. Morgan in
2018 after scaling the UBS career ladder over 17 years from trainee to manager
of its private wealth management business in San Francisco.
Spokespeople for UBS and First Republic confirmed the hires but declined to
comment.
For J.P. Morgan, the two exits follow other management shifts at the unit, which
has 21 offices housing the roughly 450 brokers. Two regional managers in New
York City and Los Angeles have left or been replaced since November of last
year. Additionally, the firm last month hired from Merrill Lynch a regional
director for its Chicago office, where the role had been vacant since May 2020.
A J.P. Morgan spokeswoman declined to comment on the departures of Stanco and
McCashin and whether replacements had been named for their respective offices.
J.P. Morgan Advisors since April 2021 has been run by Chief Executive Phil Sieg.
He and J.P. Morgan Wealth Management head Kristin Lemkau last year laid out
plans to more than double headcount to roughly 1,000 in part by hiring from the
wirehouse pool.
The unit, where headcount has been relatively stagnant for several years, has
its roots in the Bear Stearns brokerage business that the big New York bank
absorbed during the financial crisis. Sieg, whose career included 30 years at
Merrill Lynch where he ran its private wealth unit, said hitting its hiring
target could take five to seven years.
J.P. MORGAN ADVISORS TAPS MERRILL NJ MANAGER TO LEAD CHICAGO REGION
Separately, a former Morgan Stanley manager is returning to the firm after
helping run a Miami office for J.P. Morgan Advisors.
May 6, 2022
In "News"
J.P. MORGAN ADVISORS NABS MERRILL EXEC FOR NEW YORK REGIONAL DIRECTOR POST
Keith Henry, who had overseen around 450 producing managers at his former firm,
has been named regional director for the J.P. Morgan brokerage unit’s New York
office.
May 4, 2022
In "News"
ROCKEFELLER SWIPES $17-MLN MORGAN STANLEY BROKER OUT FROM UNDER FIRST REPUBLIC
Young, who was on garden leave, was expected to join First Republic in San
Francisco but changed course to join Rockefeller instead, according to multiple
sources familiar with the move.
May 11, 2022
In "Advisor Moves"
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Comments (1)
* on May 19 2022, David B says:
Unfortunately the Do Not Contact prospecting lists mean nothing to the
private bankers.
> Reply to David B
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