J.P. Morgan Private Bank added a new player to the competition for wealth management services on the Central Coast, when it announced June 3 that it was opening a new office in Westlake Village.
The office was one of several opened in California as JPMorgan Chase, the nation’s largest bank, expands on the West Coast. The private bank has opened an office in San Diego, with new offices in Sacramento and Pasadena planned as part of the expansion.
In a statement, the bank said that Ryan Bristol, a Thousand Oaks resident, will manage the office, which targets wealthy families, family offices, foundations and endowments. The office expects to add as many as 30 staff over the next four years and it will primarily serve Ventura County, the Conejo Valley and San Fernando Valley, the statement said.
“Southern California continues to thrive as a globally connected business center and a hub for robust financial talent,” said David Frame, CEO, Wealth Management Group, J.P. Morgan. “We’re continuing to grow throughout California alongside our business partners across JPMorgan Chase, and Westlake Village is a natural next step for us.”
The J.P. Morgan Private Bank expansion comes amid renewed interest in wealth management operations by a number of institutions. Bank of America said earlier this year that it was rebranding its Merrill Lynch brokerage arm under the Merrill banner. Meanwhile, Mechanics Bank is expected to expand wealth management and trust services when it acquires some 100 Rabobank Branches on the West Coast under a previously announced agreement.
Bristol, a California native, has been working out of the J.P. Morgan Private Bank office in Los Angeles for the past seven years. He has been active with the American Red Cross, the Dean’s Advisory Council at Cal Poly and chairs the investment review committee for the city of Thousand Oaks.