Merrill Lynch Wealth Management has reeled in a private wealth team from JPMorgan Chase & Co. in Los Angeles, according to sources familiar with the move.
Geoff R. Berlin, Lara M. Magnusen and Ken S. Esman are expected to join Merrill in June or July following a 60- to 90-day garden leave required by JPMorgan�s employment contracts, according to the sources.
The team had managed $7 billion in client assets, according to an announcement from a Merrill spokesperson after the team officially joined. A source who had worked at JPMorgan earlier said the team�s assets were as high as $14 billion. Private bankers� assets include bank funds, loans and other assets that are difficult to transfer or compare to traditional brokers.
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