Ivy Asset Management, the embattled hedge fund of funds is shedding one of its most prized assets as it prepares to close down—Patrick Thomson.

Thomson, its former global head of client development, is heading back to J.P. Morgan Asset Management as its global head of sovereign clients. J.P. Morgan needs a seasoned professional to oversee teams of client advisors around the globe, who manage client relationships on behalf of JP Morgan.

Further, Thomson had also spent almost 10 years at J.P. Morgan Asset Management before joining Ivy, so he is already familiar with the company. In his first stint at J.P. Morgan, he was a managing director responsible for a global team that focused on sales and servicing of J.P. Morgan’s sovereign clients.

Based in Jericho, N.Y, Ivy Asset Management is—soon to be was—a hedge fund of funds that had offices globally, including London, Hong Kong and Tokyo. It was launched in 1984, and the time Ivy opened its office in Hong Kong in February 2008, Thomson was managing director and head of client development for EMEA and Asia.  But recently, New York Attorney General Andrew Cuomo sued Ivy Asset Management, saying two of its senior officers knew about dangers related to Bernard Madoff’s investment firm, but withheld information from investors.
Thomson was not implicated in the New York Attorney General’s suit, which is a great development, since he was brought back to J.P. Morgan for his expertise in sovereign capital markets. 

“With his extensive experience in Europe and Asia and an impressive track record of developing advisory based relationships with sovereign investors worldwide, Patrick brings a heightened focus and direction to our market-leading Sovereign Client Group,” Mary Erdoes, Chief Executive Officer of J.P. Morgan Asset Management, said in a statement. 


Brinton Eaton, a boutique wealth advisory firm in Madison, N.J., announced several new hires and promotions on Tuesday. Of the promotions, Marina Goodman has been named investment strategist, and will focus on financial risk management, investment analysis, and portfolio management strategies. Also, David Hill and Abigail Scandlen were made financial advisors, and will handle financial and tax planning. All three hold the CFP designation. The new hires are Janet Critchley, CPA and a registered investment advisor, who joins as a financial analyst. Matthew DiQuollo, also joins as a financial analyst.

Citi Private Bank has hired Larry Tekler as managing director and western region head of investments, and Tekler will be based in Los Angeles. Previously, Tekler was a regional managing director for Wells Fargo Family Wealth.

Madison Williams and Co. has hired five professionals to its sales and trading team. Tim Philosophos will be based in Chicago and be managing director and head of midwest sales. Keith Swart will be based in San Francisco and be managing director and head of west coast sales. The other three hires will be based in New York and include Matthew Harris, director of institutional equity trading; Tim DeVries and Kevin Murphy, both as vice presidents of institutional equity sales. Philosophos had been founder of Cairn Capital; Swart ran the San Francisco offices of several regional investment banks, including Dain Bosworth; Harris was head of trading at Tuohy Brothers Investment Research; DeVries worked on the institutional equity desk at Natixis Bleichroeder; and Murphy was at JNK Securities, where he did institutional equity sales and trading.

U.S. Bank Wealth Management Group has appointed Michael Cole as president of its ultra-high-net-worth business. Cole previously held senior wealth management positions at Wells Fargo and Merrill Lynch. The bank also promoted Michael Boardman to president of the entire private client reserve group. Boardman had been central region president in the group he now oversees.
Wilmington Trust has named Benjamin D. Gorton to lead business development initiatives at Wilmington Trust Retirement and Institutional Services Company. Previously, Gorton was a vice president for Manning & Napier Advisors, where he was a national wholesaler to mutual fund platforms, wirehouse brokerage firms, and independent investment advisors.





Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access