Key Takeaways JPMorgan is deploying private client bankers in 53 affluent branches across four states.JPMorgan Private Client manages $1.16T in assets, with a long-term goal of $2T.Expansion strengthens cross-selling of investments, lending and advisory services.JPMorgan (JPM) is doubling down on affluent clients to strengthen its wealth management franchise. According to a Bloomberg report on MSN, the bank is deploying dedicated private client bankers across 53 branches in affluent areas of Florida, Texas, ...

Group 1 - Citi Wealth has selected BlackRock to manage approximately $80 billion in assets for its clients, enhancing its portfolio offerings [2][3] - The collaboration aims to combine Citi's relationship-driven advice with BlackRock's investment expertise and technology [3][4] - BlackRock will implement a variety of investment strategies, including core, opportunistic, thematic, equities, fixed income, and multi-asset class strategies [3] Group 2 - Citi has adopted BlackRock's Aladdin Wealth technology platform to support its private bankers and investment professionals with advanced risk and portfolio management capabilities [4] - The announcement coincided with Merrill and Bank of America's launch of a private market program targeting ultra-high-net-worth clients [5] - Recent research indicates a shift among higher-income Americans towards reactive financial management, with 52% of individuals earning $100,000 or more now identifying as "reactors" [6][7]

Group 1: Introduction of New Program - Merrill and Bank of America have launched the Alts Expanded Access Program targeting ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more, set to debut this fall [2] - The program aims to provide access to specialized investment opportunities in emerging themes, niche strategies, and evolving sectors, which are not widely distributed [4] Group 2: Market Trends and Client Needs - There is a growing trend among wealthy Americans, particularly younger high-net-worth investors, showing increased interest in alternative investments, with many planning to boost their allocations in the coming years [4] - The shift towards non-traditional investments is driven by evolving wealth-building needs and market changes, as noted by Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank [3] Group 3: Broader Commitment to Client Needs - The introduction of this program reflects the broader commitment of Bank of America to address the complex financial goals of UHNW clients [5]