A Wells Fargo & Co. executive has defected to help steer a wealth management unit of U.S. Bancorp aimed at rich clients.

Jonathan Firestein will head private capital for Ascent Private Capital Management, which serves customers with more than $25 million of individual or family wealth. Reporting to Ascent's head of alternative investments Kurt Silberstein, Firestein has been tasked with building the private capital investment platform, including global investment strategies in venture capital, buyouts, private debt, real estate and real asset investment funds. Firestein joined Ascent in August and works in San Francisco. Firestein was the research director for Wells Fargo Family Wealth. …

In other personnel moves, JPMorgan Chase & Co. has named James Gearin the chief operating officer for its retirement plan. The Retirement Plan Services unit handles bundled defined contribution services for 1.6 million participants and has almost $125 billion of assets as of June 30. He will report to the unit's chief executive, David Musto, and oversee its strategic direction in a wide range of areas. Based in Overland Park, Kan., Gearin was previously at Knowledgent, a consulting group.

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