Lido Advisors Picks Up $1B First Republic Team in San Diego

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Los Angeles–based wealth management firm Lido Advisors has hired a five-person team that managed $1 billion in client assets at First Republic, the latest defections from the beleaguered bank.

JPMorgan Chase & Co. announced Monday it would acquire First Republic Bank in a government-led deal, which includes the bank’s wealth management unit. JPMorgan had already recruited some advisors from First Republic’s wealth management unit since the turmoil began in March.

The San Diego-based advisor team going to Lido includes Peter Morimoto, a 26-year veteran who was a senior vice president of investments at Wells Fargo prior to joining First Republic; Roy Elliott, a 22-year veteran who was a vice president at Wells Fargo prior to joining the bank; and Jon Jewitt, a 25-year veteran who served as a senior investment strategist at Wells Fargo prior to First Republic. They are joined by advisors Sam Hoeck and Heather O’Connor, who were at First Republic Bank for four years.

“Lido’s family office style model is an incredible fit for our clients,” said Morimoto in a statement. “The firm’s innovative investment platform, enhanced planning capabilities and deep bench of affiliated tax and legal advisors were key components in our decision to partner with Lido.”

Lido manages nearly $15 billion in total assets across 32 offices in the United States.

In an investor presentation on Monday, JPMorgan said the acquisition accelerates its U.S. wealth strategy by adding wealth centers in attractive locations. First Republic advisors will become part of J.P. Morgan Advisors.

For those advisors who stay with JPMorgan, their recruiting deals will stay in place, Chief Financial Officer Jeremy Barnum said on an investor call. There are nearly 150 advisors still at the firm.


Jamie Dimon, CEO of JPMorgan Chase, said the bank wants to keep the high-quality advisors.

“Every deal I’ve ever been in, everyone else is trying to hire these people at the same time,” Dimon said.

“On the other hand, this is a great home for them. So if you are an advisor and you’re listening to me, we have the best research, best equity, best debt, best munis,” he said on the investor call. “We take care of people. We have excellent compensation plans. We’re very steady, we get unbelievable banking products. We have unbelievable products to your business banking clients, your middle market clients, your corporate clients, that we have huge capability we can bring to help them do a great job for their clients.”

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