NEW YORK, Oct 28 (Reuters) - JPMorgan Chase & Co. has hired Michael Boardman to run banking, financial planningand investment management services for clients who do notqualify for its premier asset management and private bankingservices.
As chief executive of Chase Wealth Management, Boardman willoversee about 3,000 financial advisers at the company's 5,600branches that oversee $179 billion of assets.
Customers include the segment known as the mass affluent,with $250,000 to $5 million in deposits and investment balances,who are branded "Private Clients" and serviced at 2,000branches, as well as lower-tier prospects throughout the system.
The bank's wealthiest individual clients, with more than $5million of banking and investment assets, are serviced throughthe private banking and brokerage units of JPMorgan's assetmanagement division run by Mary Erdoes.
Boardman, 49, held a similar post at Minneapolis-based U.S.Bancorp, where he was president of The U.S. Bank PrivateClient Reserve, which included 1,300 advisers in 19 states. U.S.Bank said Monday that Mike Ott, who has been central regionpresident of client reserve and was formerly head of equityresearch at Piper Jaffray Cos., will replace Boardman.
Boardman, who will join on Nov. 18, will assume duties thathad been overseen by Barry Sommers, who since May has been chiefexecutive of all of the New York-based company's consumerbanking businesses.
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