J.P. Morgan Securities picked a veteran insider to replace Greg Quental as CEO of the boutique wealth management unit, according to the company.
Chris Harvey, who previously oversaw the firm's Latin America Private Bank, will now oversee 420 financial advisers who operate from 19 offices. The boutique unit caters to ultrahigh-net-worth clients. It has $110 billion in total client assets, according to J.P. Morgan.
Harvey has been with the firm for 33 years, according to a spokeswoman. Prior to overseeing the Latin America Private Bank, Harvey served as senior country officer for J.P. Morgan in Japan, the company says. He reports to Barry Sommers, chief executive officer of J.P. Morgan's Wealth Management Group.
Quental, who is retiring, has held the role since August 2010, the company said. He joined J.P. Morgan after the bank acquired parts of Bear Stearns during the financial crisis.
Ram Palaniappan is the founder and CEO of EarnIn, a fintech company that helps people access their earnings as they work and gain more control over their cash flow. A longtime entrepreneur, Ram started EarnIn after advancing pay to employees at his previous company who needed money before payday.
Schwab services 16,000 RIAs with 2,000 different fee structures. According to the industry's largest custodian, the exact costs come down to "a very personalized negotiation" with the firms.
Blue Owl has borne the brunt of investor angst around private credit and their non-traded BDCs after a scrutinized and eventually scrapped merger of two of its private credit funds in November led the manager to halt redemptions from the non-traded vehicle.
In a statement, Sommers thanked Quental for his leadership of the unit.
"We are fortunate to have Chris Harvey, who is one of the firm's most well-rounded, global and experienced leaders, [to] build on Greg's legacy and continue to grow our footprint and franchise," Sommers said.
J.P. Morgan Securities is the latest wealth management firm to change up its leadership. Last year, John Thiel stepped down as head of Merrill Lynch and John Taft, CEO of RBC Wealth Management-U.S., also retired.
