A former J.P. Morgan Securities advisory team, with $300 million in assets under management, has formed a new RIA to serve ultrahigh-net-worth sports, music and entertainment clients.

Manhattan West Asset Management, in Manhattan Beach, Calif., also serves public and private pension funds, endowments and foundations, according to a release.

“When you eliminate bureaucracy and mindless management impediments, you can unlock real human potential for growth and truly fiduciary client service," Lorenzo Esparza, who will head the new firm, said in a statement. "I know there are other financial advisers like me who yearn for the freedom to serve clients using every modern resource available.”

A spokesman for J.P. Morgan declined to comment on the announcement.

Esparza's firm is looking to partner with other advisers by offering asset management, account aggregation, reporting, compliance and technology services, the release said.

West Asset's advisers "operate with true partnership and hold meaningful equity, different than a large wirehouse check or rolling up under a 'faux-nership' model that pretends to offer independence but provides little more than a subsidiary existence under a larger RIA platform," the release said.

Prior to becoming an adviser, Esparza held various positions at Paramount Pictures, the statement adds.

The firm's other advisers include Brian Brady, Eric Briggs and Roy Salter.

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Ann Marsh

Ann Marsh

Ann Marsh is a senior editor and the West Coast Bureau Chief of Financial Planning. Follow her on Twitter at @Ann_Marsh.