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Alvaro Martinez-Fonts aims to build $20 billion client assets to $100 billion total in 5 years for JPMorgan Private Banking
Alvaro Martinez-Fonts, who heads JPMorgan Florida's private bank, has a big job — not because the private bank manages $20 billion in client assets in the state or because he's looking to turn that into $100 billion over five years, but because while most states are grouped into regions, Florida stands alone.
"I think it was a nod and a testimony to the potential that we see in the state of Florida to create Florida as its own region," Mr. Martinez-Fonts said in JPMorgan's Biscayne Boulevard offices overlooking Miami Beach and Biscayne Bay. "California is not its own region, but Florida is."
He also sits on the firm's executive committee, which brings together its top bankers who decide what products to offer clients and who determined how aggressively the bank pursued lending during the worst of the financial crisis.
Born in Cuba, Mr. Martinez-Fonts' first job as a commodities trader took him halfway around the world to Hong Kong. More recently he was CEO of JPMorgan's private bank in Latin America. He took up his post in Miami in October 2009.
And now the pressure to plant the JPMorgan flag in one of the nation's wealthiest states is on.
Though long-term asset growth is the ultimate goal, Mr. Martinez-Fonts said his most important daily work is staffing up Florida operations properly and finding the most effective way to create a positive impact on the community. He was interviewed by Miami Today staff writer Zachary S. Fagenson.
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