Wells Fargo Hires a Team From J.P. Morgan Private Bank -- Street Moves

  By Michael Wursthorn 
 

Wells Fargo Advisors has gained a team that managed nearly $1 billion in assets from J.P. Morgan Chase & Co.'s private bank.

Mike Reed, Zach Gates and Eli Strait, who comprised the Reed, Gates, Strait Wealth Management Group, have joined Wells Fargo Advisors and will be based in Lexington, Ky.

The team, which focuses on high-net-worth clients, managed more than $972 million in combined assets and deposits and had $5.95 million in revenue, a Wells Fargo spokeswoman said.

A J.P. Morgan Chase spokeswoman declined to comment on the departures.

Mr. Reed and Mr. Gates joined J.P. Morgan through the bank's acquisition of Bank One Corp. in 2004. Mr. Strait had been at J.P. Morgan since 2007 and held various roles.

Prior to luring this J.P. Morgan team, Wells Fargo had recruited two advisers apiece last month from Ameriprise Financial Services and Merrill Lynch Wealth Management who managed more than $234 million in client assets altogether.

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers with more than $1 million in annual production and those who manage more than $100 million in client assets. Michael Wursthorn can be reached at 212-621-2218 or at [e-mail].)

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