He built JPMorgan's coast-to-coast banker network. Now exec John Richert says the middle market's moment is coming.

"JPMorgan took a bet to build an investment banking machine outside Wall Street, and it tapped John Richert to do it. Under Richert's watch, the business that serves founder-run companies with deep ties to their local economies has grown from four people to nearly 300 bankers, collectively generating more than $1 billion annually. After completing their junior analyst years - most often in New York - bankers on his team can relocate to any of the 13 offices the group operates across the country."

"It's a model that challenges the traditional idea of investment banking as a strictly New York endeavor. What's far less visible is what it looks like to build and run a franchise in places like Atlanta, Dallas, Chicago, or across the Southeast. Mid-cap investment banking deals generally fall within the range of roughly $2 billion and below, with the group's sweet spot for deal transaction value of about $500 million to $1.5 billion."

JPMorgan created a regional investment-banking platform focused on founder-led, mid-cap companies, expanding from four people to nearly 300 bankers and producing more than $1 billion in annual revenue. Bankers typically complete junior analyst years in New York and then can relocate to any of 13 regional offices. The group targets mid-cap M&A deals up to about $2 billion, with a core transaction range of $500 million to $1.5 billion, and covers sectors including industrials, consumer retail, healthcare, media, and communications. Competitors have launched similar middle-market efforts, and closer ties between capital markets and wealth advisers are generating referral opportunities.

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