Thirty-one top financial names have agreed to buy shares in a new private banking venture, Fieldpoint Private Bank & Trust, and offer it business. It is expected to open for business in February. The 31 backers have subscribed more than $1 million each to create initial equity capital of $36 million. A further $9 million has been set aside for further backers. In addition to three former Merrill Lynch chief executives - David Komansky, William Schreyer and Dan Tully – they include Jerome Kohlberg, co-founder of private equity firm Kohlberg, Kravis and Roberts, Joseph Grano, former chief executive of UBS Paine Webber, Tom Hughes, former head of Deutsche Asset Management and Joe Moglia, chief executive of online broker TD Ameritrade. Fieldpoint will administer funds worth billions at the outset, offering banking, investment and estate management advice. Fieldpoint chairman Daniel Donahue and finance director Kevin O'Hanlon both previously worked at Merrill Lynch, while chief executive Kevin McCabe was at JP Morgan Chase. Mr McCabe believes Fieldpoint will offer its clients excellent networking opportunities.