Banking

A top JPMorgan private bank strategist is joining alternative-investment startup iCapital

  • Anastasia Amoroso, a longtime JPMorgan investment strategist, is joining startup iCapital. 
  • Amoroso, most recently JPMorgan Private Bank’s head of thematic strategy, starts Monday. 
  • BlackRock, Goldman Sachs, Blackstone, and JPMorgan have invested in 8-year-old iCapital.

Longtime JPMorgan investment strategist Anastasia Amoroso is joining financial-technology startup iCapital as chief investment strategist.

Amoroso, who starts on Monday and will be based out of iCapital’s New York headquarters, was with JPMorgan for eight years, most recently as head of thematic strategy for the firm’s private bank.

iCapital connects wealth managers like financial advisors with alternative investments and other services like research and due diligence, and handles some $75 billion in global client assets. It’s quickly expanded as a search for yield has driven demand for alternatives like private equity, private credit, real estate, and infrastructure.

Virtually every major investment firm, including BlackRock, Goldman Sachs, Blackstone, and JPMorgan, has invested in 8-year-old iCapital. A spokesperson for JPMorgan declined to comment on Amoroso’s new role.

She will report to Eileen Duff, who runs iCapital’s fund management and research, and work closely with iCapital Chief Executive Lawrence Calcano, the company said.

The move marks an exit from JPMorgan Private Bank’s senior ranks as the business has lost some advisor talent this year.

The private bank’s Northern California head recently left, according to an internal memo obtained last week by industry website AdvisorHub. Rival wealth manager UBS has separately poached at least eight large private banking advisor teams since October, AdvisorHub reported.

It has also hired significantly as competition for wealth management talent is particularly intense. The private bank has brought on some 100 advisors in the last year and plans to add as many as 1,500 new advisors over the next five years, which would double its headcount, Private Bank Chief Executive David Frame told Insider this month.

As the top investment strategist at iCapital, Amoroso will set outlooks for asset classes, particularly for hedge funds and private equity, and analyze opportunities in public and private markets. 

She held similar responsibilities in her prior role, shaping investment strategy and developing investment ideas for sophisticated clients like family offices and institutional wealth managers.

Amoroso, who prior to JPMorgan was with Merrill Lynch for seven years, brings a source of wider name recognition to iCapital, too, as a highly visible commentator on financial television like CNBC programs.

iCapital, which raised $146 million in a funding round last year, has recently added other executives to its leadership team. This spring it hired Gary Owen as chief information security officer from Wells Fargo, where he held the same role.

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