Former JPMorgan bankers Jerry Garcia and Chris Gatsch have established Alta Vera Global Capital Advisors, a new wealth manager with $400m in assets, reported Bloomberg.
Alta Vera will provide wealth management, capital raising and hedging services, catering to affluent families, founders, and institutions.
The founders aim to expand their business by attracting talent from established banking institutions.
Garcia project’s the business’ assets to grow quickly as a result of “pipeline discussions” with teams at large banks.
The new firm has teamed up with OneSeven, a registered investment adviser, to tap into its offerings in areas such as marketing and compliance.
It is also collaborating with Sextant Capital Solutions for its capital raising endeavours, providing clients with opportunities in private markets.
Trading support, particularly in hedged equity strategies and derivatives, will be provided by Millbank Dartmoor Portsmouth.
Garcia most recently contributed to the growth of wealth firm Azura’s business across the Western Hemisphere.
He has 15 years of background with JPMorgan, where he served as managing director and market manager for the private bank in Central and South America.
In an interview to Bloomberg, he said: “I wanted to build a business that wasn’t just another RIA. I was approached too many times where our ultra-high-net-worth clients had business needs and we’d refer that to the investment bank and 99 times out of 100, the investment bank would turn it down. I got tired of saying no to my clients.”
Gatsch will take on the role of president and chief operating officer at Alta Vera, merging his Lakehouse Private Wealth Management firm into the new entity.
His experience includes stints at JPMorgan and Merrill Lynch, and he will maintain his base in Philadelphia.
The firm is also linked to the Merchant Investment Management ecosystem through a 20% stake in OneSeven.
Merchant, overseeing approximately $250bn through its partnerships, will support Alta Vera with the structuring and financing of deals.
Alta Vera is actively engaged in capital raising initiatives, with mandates currently spanning from $50m to $2bn.
Garcia has expertise in the Latin American and US markets and having discussions with teams in Asia and Europe.
“Former JPMorgan executives set up new wealth manger Alta Vera ” was originally created and published by Private Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
