Along with the advice lab, global investment opportunities (GIO), and outsourced chief investment officer (OCIO) teams from the private bank, the JPMorgan family office will pool the expertise of over 150 professionals.
It will feature 40 formerly practicing partner level estate and tax attorneys who will advise on estate planning, life insurance, and strategic asset transfer approaches.
William Sinclair, a 17-year JPMorgan veteran and member of the US Private Bank Operating Committee, will lead the US family office practice.
He is in charge of strategically expanding the family office platform of the private bank to cater to the affluent clientele’s demanding needs.
Sinclair also serves as the division’s head of financial institutions, which employs over 180 people and is responsible for providing the private bank’s comprehensive wealth management services to financial sector executives and their families.
David Frame, chief executive officer, JPMorgan US Private Bank stated: “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.”
Family office objective
The office will collaborate with 23 Wall, a global group that offers the biggest families in the world guidance about their privately held assets, such as operating companies, direct investments, sports franchises, and real estate.
With 23 Wall’s integration into the Private Bank and Investment Bank, 700 families with $4.5trn in assets are added to the private bank’s coverage model.
This will give institutions access to the company’s deal flow, balance sheet, and intellectual capital as well as the opportunity to co-invest with the largest families in the world.
The family office practice will provide ultra-high-net-worth families with tactical guidance and plans for enhancing an existing family office, creating a new one, or taking advantage of outsourced family office services without an independent office structure by leveraging JPMorgan’s extensive platform and top financial professionals.
In addition, the company currently works with more than half of the country’s billionaires and more than 40% of American households with a net worth of over $100m.
A solid leadership and advisory team from throughout the private bank will support the U.S. Family office practice.
Jamie Lavin Buzzard has been appointed as the US family office practice’s head of investments and advice.
She brings more than 17 years of experience in wealth management and different managerial positions at JPMorgan.
Buzzard supervises the private bank’s advice-driven organisations and client interaction, such as its advice lab, wealth strategy, and wealth advisory groups, as well as its broad range of cross-asset investment opportunities across the OCIO and GIO groups.
Elisa Shevlin Rizzo serves as the head of family office advisory for the new practise and JPMorgan Private Bank.
Rizzo, previously worked at Northern Trust Company as the East Region’s chief fiduciary officer and has 25 years of experience in the field of trusts and estates.
She works with intricate, multi-generational families and their advisers in this capacity to offer advice on negotiating the difficulties of institutional-scaled wealth through trust and estate structuring, family governance, and next-gen participation.
As a vice president, Christopher McCree joins the team to manage day-to-day operations, particularly advising customers and bankers on the family office market and assisting in the growth of the private bank’s family office service offering.
The new practice will benefit from McCree’s ten years of experience at JPMorgan as he looks for ways to expand the ultra-high-net-worth private bank business nationwide.