JPMorgan lose private bankers

Departure

JPMorgan private bankers who oversaw $1.2bn are striking out on their own, helped by a Silicon Valley startup with links to secretive big-data firm Palantir Technologies.

Bloomberg News reports that David Savir, 32, and Carlos Dominguez, 43, left JPMorgan last month to found Miami-based Element Pointe Advisors, which will manage investments and provide oversight for wealthy families.

Clients worth more than $50m often have assets held in trusts and partnerships managed by several institutions, Savir said in an interview.

The group, which includes former JPMorgan colleague Tarek El Gammal-Ortiz, is joining the stream of brokers leaving big banks in a quest for independence as new technology makes reporting, trading and data analysis easier. New offerings include software from Addepar that helps track exposures across a portfolio, update investment values in real time and generate reports at the push of a button. The startup shares a co-founder with Palantir, the CIA-backed data-gathering firm.

To access the complete Bloomberg News article hit the link below:

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