First Republic Hooks $2.5Bln-Asset J.P. Morgan Team in Florida
First Republic Bank, which in 2019 focused on wirehouse refugees in California and the Northeast to bulk up its brokerage operations, this week hired a 10-person team from J.P. Morgan Securities team in Florida generating about $14 million in revenue, said people familiar with the move.
Tiano ranked #2 on Forbes’ list of top Sunshine State advisors in 2019 (and #54 nationally), and works with many “dot-com era public executives,” the magazine said in a 2018 profile.
He and fellow advisors John Emery Smyth, Louis J. Ventura, Daniel Tumba, Jason O’Brien and Gregory P. Saville were not available to comment, said a person answering the phone at their First Republic office that they joined on Wednesday.
The group, which was based at a J.P. Morgan office in Palm Beach, are the first wealth managers to join First Republic private bankers in its Jupiter, Fla., branch.
The team reports to Michael S. Lee, a former J.P. Morgan Securities manager who left in March and now oversees New York, Florida and Connecticut branches for San Francisco-based First Republic.
The bank, which was briefly owned by Merrill Lynch, employs 184 wealth advisors catering to high net worth investors to supplement its core trust and private banking operations.
Tiano first registered as a broker in 1989 with Smith Barney, according to BrokerCheck. He moved the following year to Bear, Stearns, remaining with the scrappy firm through its emergency sale to J.P. Morgan Chase & Co. during the financial crisis.
The Boston native has described himself on Twitter as “an intensely driven entrepreneur,” and his BrokerCheck history says he has ownership stakes in a Franklin, Mass.-based sporting goods store and a health food vending machine business.
He is also the author of “Structural Alpha: Building and Maintaining an Elite Wealth Management Practice,” according to his Forbes profile, which says he also prides himself on having been one of Bear, Stearns’ youngest “senior managing directors.”
Tiano’s BrokerCheck includes two client complaints in 2008 and 2002 alleging failure to follow a liquidation instruction and failure to supervise, each of which settled well below the client claims. Tiano also was fined $5,000 by Finra in 2008 and suspended over his firm’s allegations that he traded customer accounts without written authority. He paid the firm a $100,000 fine, according to BrokerCheck.
Smyth has been a broker since 1994, beginning at Kidder, Peabody & Co. in 1994. He worked at Morgan Stanley for five years, following a five-year registration hiatus, and joined J.P. Morgan Securities in 2010, according to the regulatory database.
Ventura, a 45-year brokerage veteran, began his career at E.F. Hutton in 1974, and worked at Bear, Stearns & Co, Painewebber, and Cantor Fitzgerald before rejoining Bear, Stearns in 1999, according to BrokerCheck.
Tumba joined Chase Investment Services Corp., a predecessor to J.P. Morgan Securities, in 2007. O’Brien’s ten-year career includes stints at Wachovia Securities and HSBC Securities before joining J.P. Morgan in 2011, according to BrokerCheck. Saville first registered as a broker in 2015 with J.P. Morgan, according to the database.