JPMorgan Chase & Co. has recruited a $2.2 million producer from Morgan Stanley Smith Barney [MS] and two senior managers for its separate, private bank, the firm said.
Philip Fett, a 10-year Smith Barney veteran, joined J.P. Morgan Securities on Feb. 26. Meanwhile, JPMorgan Chase's [JPM] private bank made two senior appointments. John Powers joined the company as chief trust officer and Jacqueline Frommer was hired as global head of specialty practices.
Both will report to Kevin Alger, chief executive officer of global trust and estates, who also oversees equities for the private bank globally. Alger said in a press release “adding these two leading trust professionals to our deep bench gives our clients even greater comfort that we will be successful for them over the next 150 years.”
Powers will be based in New York and oversee the company’s trust administration in the U.S. He rejoins JPMorgan Chase from Citi Trust [C], were he served as head of the U.S. region. Before that, Powers was a senior fiduciary Officer at JPMorgan Chase's private bank.
Frommers joins from Lehman Brothers/Barclays Capital where she spent 18 years in leadership roles including global chief administrative officer of private investment management, and chief operating officer of its trust company.