European-Style US Private Bank Taps JP Morgan for Wealth Management Director

Stephen Harris

25 July 2007

Howard Margolis has joined The PrivateBank in Bloomfield Hills Michigan, as managing director and director of wealth management. Mr Margolis was previously a managing director and a national sales director at JPMorgan Private Client Services, where he was responsible for managing a team of wealth management professionals across a 31 state region. Mr Margolis began his career with American Express Investment Advisors, before joining the former Michigan National Bank as vice president and regional marketing officer in their Trust and Investment Services Division. In 1997, he was appointed vice president and regional trust specialist for the Private Trust Division of Citibank and Smith Barney. In 2004, he joined JPMorgan Private Client Services and a year later was promoted to managing director and national sales director. The PrivateBank - Michigan is a unit of PrivateBancorp, which provides personalised premium financial services to privately held businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors. The company uses a European tradition of "private banking" as a model to develop relationships with its clients. It had client assets of $4.5 billion as of 30 June 2007 managed out of 18 offices throughout the US.