California bank hires a ex-BoA wealth manager for HNW lending, trust unit. City National Bank has named former Bank of America private banker Michael Pagano as manager of its private-banking group.

Seasoned

Pagano is "a seasoned professional who for many years has been helping people with their credit needs and the preservation, growth and transfer of their wealth," says Christopher Warmuth, president of the Beverly Hills, Calif.-based bank. "We expect him to make a very strong contribution as our company continues to sharpen its focus on private banking."

Pagano was most recently head of Bank of America's private-banking business in southern California, southern Nevada and Arizona, where he and his team managed $23 billion in client assets.

In his new role, Pagano will manage City National's private-banking strategy, business development and client service in California, a state with more than 500,000 households with at least $1 million in investable assets. At City National the "private banking" rubric stands over credit and depository services as well as trust, investment management, brokerage and advisory services for high-net-worth clients.

City National and its nine majority-owned investment affiliates manage or administer more than $57 billion in client investment assets, including $35.9 billion under direct management. -FWR

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