October 28, 2013 / 7:58 PM / 4 years ago

UPDATE 1-JPMorgan Chase hires U.S. Bank's Boardman as wealth CEO

NEW YORK, Oct 28 (Reuters) - JPMorgan Chase & Co. has hired Michael Boardman to run banking, financial planning and investment management services for clients who do not qualify for its premier asset management and private banking services.

As chief executive of Chase Wealth Management, Boardman will oversee about 3,000 financial advisers at the company’s 5,600 branches 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 2,000 branches, as well as lower-tier prospects throughout the system.

The bank’s wealthiest individual clients, with more than $5 million of banking and investment assets, are serviced through the private banking and brokerage units of JPMorgan’s asset management 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 Private Client Reserve, which included 1,300 advisers in 19 states. U.S. Bank said Monday that Mike Ott, who has been central region president of client reserve and was formerly head of equity research at Piper Jaffray Cos., will replace Boardman.

Boardman, who will join on Nov. 18, will assume duties that had been overseen by Barry Sommers, who since May has been chief executive of all of the New York-based company’s consumer banking businesses.

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