Bank of America hired a very important MD at JPMorgan, and his team
JPMorgan is an investment bank, but it also has a lot of data. If you want to buy some of that data, Dan Dalton has been your man. But now Dalton is leaving, along with two senior members of his team.
They are joining Bank of America.
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JPMorgan declined to comment on Dalton's move. So did Bank of America. It's not clear what his new role will be, but presumably selling data will be a part of it.
Dalton was JPMorgan's London-based head of global analytics data sales and the longstanding architect of its data-selling business. He is understood to be moving with Simon Smith, JPMorgan's head of front office data and analytics sales, and with Ashley Peterson, JPMorgan's global head of Fusion sales, data and analytics sales.
Dalton spent nearly 27 years at JPMorgan; Smith spent nearly 16 years. Peterson joined from UBS in 2023.
Speaking to Smith earlier this year, Dalton said he was a JPMorgan lifer and that his team were "faced to everything data analytics that JPMorgan has to offer." He said he began building JPMorgan's data business in an entrepreneurial fashion 13-14 years ago and that it's since become a market leader in the provision of pricing data, particularly for fixed income. The team is moving into equities, said Dalton: "The index providers are very famous and well known. We don't want to compete in that space, but if you think about inputs into the alpha generating process, I think we can compete..." JPMorgan can integrate analysts' opinions into the data it provides, he added. AI is facilitating this.
Sources say Dalton and his team sell a lot of data directly to hedge funds and to trading houses. "Clients were earlier on in the journey, they saw a huge amount of opportunity to build some of this themselves. And actually, as more AI tools have come in, they've just realized how hard it is," said Dalton. They've been buying data from JPMorgan instead. "A lot of clients [are] telling us that there's a real edge for us in playing in that space."
The Fusion platform, run by Peterson was awarded 'Best Managed Data Service to the Buy Side' at last year's Waters Technology Awards. It helps clients build a data foundation for AI on a could platform that offers data management, analytics, and reporting solutions.
Bank of America presumably wants to build something similar. JPMorgan will presumably miss the two key architects of its own offering.
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