JPMorgan's Recent Moves: A Mixed Bag for First Republic Wealth Advisors

More than 40% of First Republic Bank's wealth-management advisors left the struggling bank between the end of February and May 15, with only 11 moving to JPMorgan before the bank's assets were sold to the nation's largest bank. Morgan Stanley picked up 49 of the departing advisors, while 28 went to Rockefeller Capital Management and 19 to Royal Bank of Canada's wealth management arm. The exodus suggests JPMorgan may retain fewer of First Republic's $290bn in wealth management assets than expected, as wealthy investors tend to follow advisors when they jump ship.