Fifth Third Bank has snagged a J.P. Morgan Chase wealth management executive to run its ultrahigh-net-worth business.

Reuben Rashty will lead Mirador Family Wealth Advisors. He succeeds one of the founders of the business, Glen Johnson, who will transition to a new leadership role within the Wealth and Asset Management division, the Cincinnati-based bank said.

At J.P. Morgan, Rashty served as market manager of the private bank in Michigan, a role he held for almost four years, according to his LinkedIn profile. Prior to that, he was head of domestic private banking for Israel Discount Bank in New York City.

Reuben Rashty will lead Mirador Family Wealth Advisors, Fifth Third's ultrahigh-net-worth business.
Reuben Rashty will lead Mirador Family Wealth Advisors, Fifth Third's ultrahigh-net-worth business.

"Reuben's outstanding track record of client service will immediately add value to our existing relationships and enhance our efforts to help families achieve their financial goals," Phil McHugh, leader of Fifth Third Wealth and Asset Management, said in a statement.

In addition, Rashty was named managing director of Fifth Third Private Bank in Michigan, a newly created role calling for "strong local leadership to clients and prospects throughout the state," the bank said.

"We are excited to add a leader with Reuben's experience to Fifth Third Private Bank," McHugh said in the statement. "This is yet another sign of our deep commitment to the Michigan market and to the Mirador Family Wealth Advisors practice."