J.P. Morgan Invests In Innovation Economy Business with Key Hires for Venture Capital Coverage
As part of its mission to support innovation and investments in startups, the banking giant J.P. Morgan today announced the launch of a new venture capital coverage effort and four senior hires from Silicon Valley Bank to lead it. This is a significant milestone for the bank as it continues to build out a dedicated ecosystem for startups in the fast-growing innovation economy and investors driving the sector. The four executive hires are within Middle Market Banking and Specialized Industries (MMBSI).
The VC coverage team will cater to the unique needs of VC firms, and work closely with MMBSI’s Technology, Disruptive Commerce and Life Sciences bankers who cover the portfolio companies of VC firms. The team will also partner across J.P. Morgan’s lines of business to deliver the full breadth of the firm’s capabilities across Investment Banking, Private Banking and Asset Management.
Pamela Aldsworth has been hired to lead the effort, and joins J.P. Morgan as a managing director and head of VC coverage for the innovation economy. She will drive the strategy for VC coverage, develop relationships with key VC firms, and lead the VC coverage team to deliver the global resources of J.P. Morgan to the VC community. Aldsworth has 25 years of financial services experience and was previously with Silicon Valley Bank, where she was head of VC relationship management. She will be based in Boston and report to Melissa Smith, Head of Specialized Industries for MMBSI in J.P. Morgan’s Commercial Bank.
Joining the VC coverage team are Andy Kelly and Katie Taormino, who will be managing directors and relationship executives reporting to Aldsworth. They will be responsible for developing relationships with key VC firms from their base in the Bay Area. Kelly has more than 25 years of professional and financial services experience, including strategy consulting, corporate development, mergers and acquisitions, and venture financing and structuring. Taormino has specialized in advising entrepreneurs and VC firms throughout her 18 year career in financial services. Previously, Kelly and Taormino were managing directors at Silicon Valley Bank.
J.P. Morgan has also hired Dave Reich, who joins as a managing director and head of innovation economy debt solutions. He will lead the origination, structuring and delivery of debt solutions to clients across the innovation economy sectors, and partner across the bank to deliver credit and debt solutions to clients. Reich will be based in Boston and report to Smith. He brings 24 years of financial services experience and was previously head of debt and portfolio management at Silicon Valley Bank.
“We’re intentionally and strategically building a dedicated ecosystem around the innovation economy that goes beyond traditional banking,” said Smith. “We’re harnessing the power of J.P. Morgan’s global resources and network and tailoring it to the unique needs and growth trajectory of this community to unleash companies’ full growth potential. The new VC coverage team is a tremendous addition to J.P. Morgan’s arsenal of capabilities.”
“It’s not often that an opportunity to build something of this scale comes along, and I’m excited to be joining J.P. Morgan as the bank accelerates on its commitment to this sector,” said Aldsworth. “Venture capital is the lifeblood of the innovation economy, and we will be able to bring the unmatched solutions, network and global connections clients need to be successful.”