JPMorgan hires bankers for new venture capital coverage team
By Elizabeth Dilts Marshall
NEW YORK, Nov 5 (Reuters) - JPMorgan Chase & Co JPM.N said on Tuesday that it hired a team of four bankers to lead a new team in its commercial bank that connects venture capital investors with fast-growing start-ups in technology, life sciences and other fields.
Venture capital firms have long been a critical source of funds for the U.S. start-ups, and the new hires have decades of combined experience working with VC firms at Silicon Valley Bank.
Called the venture capital coverage team, the group will serve as a bridge between VC investors and the middle market and specialized industries bankers who cover the kinds of companies in which the firms are already invested or may want to invest in the future.
Led by Pamela Aldsworth, the group will include Andy Kelly, Katie Taormino and Dave Reich, all of whom joined JPMorgan from Silicon Valley Bank.
Aldsworth and Reich will be based in Boston, while Kelly and Taormino will be based in the San Francisco Bay area.
"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," said Aldsworth.
Earlier this year the bank combined two units in the commercial bank, the middle-market technology and emerging growth commercial banking teams, to help it better compete to handle the business of start-ups that quickly become big companies.
(Reporting By Elizabeth Dilts Marshall Editing by Chizu Nomiyama)