Two former JPMorgan Chase & Co. wealth management partners have broken away from the bank to establish their own advisory firm, managing a substantial $18.6 billion in client assets. Jim Atwood and Phil Scott announced the launch of Latigo Peak Partners on Monday, positioning the Palm Beach Gardens, Florida-based firm as one of the largest new registered investment advisers in the country.
The firm’s initial assets under management make it one of the biggest “breakaway” deals in recent years, where advisers leave their current firms to start new ventures, often taking a significant portion of their client base with them. Latigo Peak Partners begins operations with 48 employees, reflecting a well-organized transition from JPMorgan.
The move highlights a trend in the wealth management industry where experienced advisers are increasingly opting to launch independent firms, leveraging their client relationships and expertise to build new entities. The $18.6 billion in assets under management instantly places Latigo Peak Partners among the top firms in the sector.