J.P. Morgan Hires Away Lifetime UBS Manager in San Francisco
(Updated in ninth paragraph to say Lane Strumlauf replaced Steve McCashin as head of private wealth in the Northwest.)
Stephen McCashin, who scaled the UBS Wealth Management career ladder from trainee to manager of its keynote ultra-high net worth business in the northwestern U.S. over 17 years, is leaving to join J.P. Morgan Securities, according to a memo from his soon-to-be employer.
McCashin will be the regional director overseeing two J.P. Morgan offices in San Francisco and Seattle, according to a memo sent to the firm’s cadre of about 400 brokers on Monday.
His hire should be “transformational” for the firm’s small West Coast business of J.P. Morgan Securities, whose roots lie in the Bear Stearns brokerage business that the big New York bank absorbed during the financial crisis, according to the memo.
McCashin replaces Robert Spawn, who left as J.P. Morgan’s West Coast regional director in April after a little more than two years, according to his LinkedIn profile. Spawn now works as a consultant and expert witness.
McCashin is the most recent of a wave of UBS veterans who have left the Swiss bank’s U.S. brokerage and wealth management arm as retention deals run out and the firm economizes on overhead.
As head of the Northwest private client region, McCashin was responsible for advisors in San Francisco, Palo Alto, Salt Lake City, Seattle and Bellevue, Wash. serving customers with at least $5 million, according to his UBS biography. The offices generate around $100 million in revenue per year, according to a source familiar with the firm’s numbers, while the J.P. Morgan offices McCashin will oversee bring in around $85 million.
Prior to running the upper-high-net-worth West Coast offices, McCashin was a northern California complex director overseeing six standard UBS wealth management offices. He also has served as director of UBS’s downtown Los Angeles complex, earning him the title of “Complex Director of the Year” in 2011, according to his UBS profile.
A UBS spokesman declined to comment on McCashin. A J.P. Morgan spokeswoman also declined to comment.
Lane Strumlauf, who had been western division director of UBS Wealth Management, has replaced McCashing in the Northwest private wealth role. Strumlauf joined UBS in 2007. and for a time was head of its south Florida complex of wealth offices.
J.P. Morgan Securities has significantly expanded and customized its deal offers to large producers since Morgan Stanley and UBS Wealth Management late last year announced they were leaving the Protocol for Broker Recruiting. The decision to rev up hiring of experienced brokers reversed years of decline in the former Bear Stearns franchise and confusion over the overlap between the target audiences of J.P. Morgan’s brokers and of the traditional private bankers within its core commercial bank.
Earlier this month, J.P. Morgan Securities, which is under the direction of Chris Harvey, recruited the team of Chris Sheets and Forrest Green in Houston. They had been managing around $900 million at Sanford C. Bernstein & Co. In June, it pulled in the New York City team of David R. Reiser and Patrick M. Murphy from Morgan Stanley, who had managed around $500 million in assets.