Family Office for Wealthiest of Wealthiest
JP Morgan Private Bank is broadening its scope of family office services with the launch of US Family Office Practice to help its wealthiest of wealthiest clients and their family businesses.
The services are aimed at ultra-high-net-worth families that want offerings beyond what is at an already established family office or to set up a new family office, according to the firm. Clients can also tap the new offering for “outsourced family office services without an independent office structure.”
Along with the advice lab, global investment opportunities (GIO), and outsourced chief investment officer (OCIO) teams, the family office will pool the expertise of over 150 professionals, including 40 formerly practicing partner level estate and tax attorneys who will advise on estate planning, life insurance, and strategic asset transfer approaches.
The US Family Office Practice will be led by William Sinclair, a 17-year veteran of JP Morgan and a member of the U.S. Private Bank Operating Committee. Sinclair is also head of the Private Bank’s Financial Institutions Group.
“The launch of this new effort under William’s leadership underscores our commitment to continually invest in the Private Bank’s platform and ensure that we remain the bank of choice for the world’s wealthiest families,” said David Frame, CEO, JP Morgan US Private Bank.
The office will collaborate with 23 Wall, a provider of strategic advice to the world’s largest families in regard to their privately owned assets, including operating companies, direct investments, sports teams and real estate.
Joining Sinclair are JP Morgan veterans Jamie Lavin Buzzard and Christopher McCree, along with new hire Elisa Shevlin Rizzo, who is joining from Northern Trust. Buzzard will serve as head of investments and advice, McCree has been named VP and Rizzo is the head of family office advisory, both for the private bank and the new practice.
The firm says it already works with over 40% of US families who have a net worth of over $100 million and with more than half of America’s billionaires. The private bank oversees more than $2.1 trillion in client assets.
