JPMorgan hires Merrill advisor Tiffany Yu with $940 million book

Tiffany Yu, a Merrill advisor with about $940 million in client assets, will join Elevate Wealth Partners, a Los Angeles J.P. Morgan Advisors team, as managing partner and wealth advisor, WealthManagement.com reported Nov. 3.

Deal terms and the share of the $940 million that will transfer were not disclosed, leaving advisors without a way to compare the package on the assets that actually follow.

Yu has been registered with Merrill since 1998, and SEC records show she moved to J.P. Morgan at the end of October.

Yu has worked in the industry for more than 30 years and is based in Century City, where she will work alongside Wealth Partner Eric Gray. Elevate advises wealthy individuals and families on investment management, including discretionary models using equities, fixed income and alternatives. Before becoming an advisor, Yu spent more than ten years on Merrill's municipal bond trading desk, according to her biography.

JPMorgan last week named Linda Patel Southeast regional director, according to WealthManagement.com. Patel, also a Merrill alum, will oversee about 80 advisors in Palm Beach, Palm Beach Gardens, Boca Raton, Miami and Atlanta. The bank said Florida gained $20 billion in adjusted gross income from interstate migration between 2018 and 2023, the largest net gain of any state, and called the region a substantial base for ultra-high-net-worth individuals.

Patel's new office sits in the same city where J.P. Morgan's Scott and Atwood launched an RIA, Latigo Peak Partners, with $18.6 billion, as Private Wealth Daily previously reported.

J.P. Morgan also recruited David Amar, who managed $1.1 billion in Los Angeles and joined from William Blair, and Porya Naeimi, who manages $533 million in Palo Alto and joined from Wells Fargo, WealthManagement.com reported.

JPMorgan's asset and wealth management division reported a 14% year-over-year increase in the third quarter, driven largely by management fee growth.