People Moves
City National Makes Senior Entertainment Hire In New York
City National Bank has hired Raymond DeRiggi as a senior vice president and senior relationship manager within its entertainment team in New York.
City National Bank has hired Raymond DeRiggi as a senior vice president and senior relationship manager within its entertainment team in New York.
DeRiggi will work with business management firms, athletes and agents, and related family offices. Reporting to Stephanie Dalton, senior vice president and team leader for entertainment in New York, he will offer these clients a range of financial services such as custom credit, wealth management and trust.
DeRiggi has around 30 years of industry experience and was formerly a senior vice president and relationship manager for PNC Bank in New Jersey, a role he held for nearly 20 years.
He joined PNC from Chase Manhattan Bank in New York, where he was a vice president and relationship manager for over six years. He has also worked at Smith Barney and Citibank in New York.
DeRiggi's appointment is a reminder of the necessity for wealth management firms to cater to high net worth individuals with specialized needs, due to demanding professions and/or unusual earning profiles. For example, City National takes the sources of clients' wealth - such as entertainment, technology, healthcare, real estate or the legal profession - into account when segmenting them.
Other businesses specialize in serving clients in one industry or profession. For example, Octagon Financial Services, a wealth manager specializing in sports and entertainment clients, selected Dynasty Financial Partners’ wealth management platform in February.
“Their [clients'] peak earning years typically occur at a very young age and their assets have to provide security far after their careers come to an end,” Frank Zecca, senior vice president of Octagon, said when the firm announced the move.
City National Bank and its investment affiliates manage or administer $56.7 billion in client investment assets, including $38.2 billion under direct management. It is the wholly-owned subsidiary of New York-listed City National.
In New York, City National has branches on Park Avenue and Times square, and plans to launch two more branches in June.
