JPMorgan Private Client Services has promoted Joe Kenney to chief executive. He succeeds Steve MacLellan who recently retired from the firm. Mr Kenney will be responsible for overseeing more than $120 billion in client assets and nearly 900 wealth advisors to high net worth US clients. He will report to Mary Callahan Erdoes, chairman of JPMorgan's Wealth Management segment. He is also is a member of the Private Bank and Private Client Services Investment Committee for Alternative Investments, and a member of the Global Investor Leadership Committee. Mr Kenney joined JPMorgan Private Client Services in April 2006 as the national investment practice leader, responsible for the execution and implementation of investment strategy and solutions for private clients. Previously he led the West Area Investment Practice for JPMorgan Private Bank, in which capacity he was responsible for the investment management and self-directed platforms for Seattle, Denver, Los Angeles and San Francisco. Private Client Services at JP Morgan serves US clients with $1 million to $25 million, whereas the Private Bank caters for clients worldwide with net worth in excess of $25 million.