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 michael.wursthorn@wsj.com.)
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