J.P. Morgan Securities loses advisors to First Republic

A six-person group left J.P. Morgan Securities to join First Republic Bank, leaving behind several team members at their former employer.

The Jupiter, Florida-based group is made up of Salvatore Tiano, John Emery Smyth, Louis Ventura, Daniel Tumba, Jason O’Brien and Gregory Saville.

While with J.P. Morgan Securities, Tiano was ranked a top financial advisor for 2019 by Forbes. The magazine reported that his team managed $3.9 billion in client assets at the time.

Several former team members appear to have stayed with J.P. Morgan Securities, including Louise Armour who now heads the newly named Armour Group.

The addition of the First Republic’s new hires will expand the bank’s capabilities in South Florida, Bob Thornton, president of First Republic Private Wealth Management, said in a statement.

The team will provide investment management, retirement planning, investment consulting and other wealth management services to individuals, families, nonprofits and private family foundations, according to the release.

A spokeswoman for J.P. Morgan Securities declined requests for comment on the moves.

A spokesman for First Republic declined to comment on the apparent team split.

David Paul Morris/Bloomberg

First Republic remained aggressive in recruiting HNW and UHNW talent despite suffering one of the biggest breakaway losses last year when nearly 50 members of its wealth management team split to form two new independent firms. Those advisors once oversaw $17 billion.

In 2019, the firm’s recruiting efforts brought in 10 new teams, according to the firm’s fourth quarter earnings call. Assets under management grew 20% year-over-year to reach $151 billion, according to the firm.

Both Ventura and Tiano are veteran advisors with 45 and 30 years of experience, respectively, according to FINRA BrokerCheck. Ventura has worked at eight firms including PaineWebber and Cantor Fitzgerald before joining J.P. Morgan Securities. Tiano meanwhile spent the entirety of his time at J.P. Morgan Securities where he was a managing director and portfolio manager.

Smyth has 17 years of experience spanning across five firms including Morgan Stanley and PaineWebber according to FINRA BrokerCheck. Tumba has 12 years of experience, getting his start at Chase Investment Services.

O’Brien worked at J.P. Morgan Securities for eight years. He has past experience at HSBC Securities and Wachovia Securities, according to BrokerCheck. Saville has four years of experience, the entirety of his time spent at J.P. Morgan Securities before making the move to First Republic.

Armour, their former colleague who remains at J.P. Morgan Securities, has 36 years of industry experience, according to FINRA BrokerCheck records. Like Tiano, she is also a top-ranked advisor on Forbes’ list.

Editor’s note: This story has been updated to reflect that Tiano’s former colleague Louise Armour remains at J.P. Morgan Securities.