The PrivateBancorp, a US-based European-styled private banking business, appointed former First Midwest Bancorp private banking branch president, Alan Fine, managing director of The PrivateBank Chicago. The company has been expanding its presence in the US with the acquisition of a private banking firm in Georgia last December, and the start up of a new private banking office in Kansas City, also last year. Ralph Mandell, PrivateBancorp chief executive said the company uses a “European tradition of private banking" as a model to develop relationships with its clients who comprise of privately held businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors. At its results in March the firm said wealth management assets under management increased 9 per cent to $2.95 billion compared to $2.72 billion at 31 March 2006 and $2.90 billion at the end of 2006. In total the company had assets of $4.3 billion as of 31 March through 18 offices located in Atlanta, Chicago, Detroit, Milwaukee, St. Louis, and Kansas City.