$28B Merrill Lynch Team Departs for JP Morgan

A team of advisors handling $28 billion in client assets for Bank of America’s Merrill Lynch division has joined JPMorgan Chase’s wealth management unit, potentially the largest recruitment move in wealth management history.

Advisors Eric Gray and Lance Polverini lead the team, which also includes investment associate Drew Sapede and client associates Michelle Blackmer and Irma Deluna. The Gray-Polverini team, which focuses on ultra-high-net-worth individuals and their families, reportedly generated $10 million in annual revenue.

The team will report to David Berger, market leader for the company’s southwest region.

“We very much look forward to taking our practice to the next level, leveraging the extraordinary resources and expertise of J.P. Morgan on behalf of our clients,” Gray, an industry veteran with over 30 years of experience in advisory, said.

Gray began his career at Goldman Sachs in 1992 before joining Merrill in 2000, according to BrokerCheck. Polverini began his work at Merrill in 2007, according to BrokerCheck.

The Gray-Polverini move eclipses another remarkable hire in 2023, when RBC Wealth Management in Columbus, OH, acquired the ESOP Group from UBS, which has about $5.5 billion in client assets.