Oregon-based Umpqua Bank is launching an asset management division to be headed by a former senior managing director of Royal Bank of Canada Wealth Management. Kelly Johnson will head a unit charged with evaluating public and private investment opportunities that deliver returns for Umpqua's clients.

Mr Johnson will be responsible for building and managing a team that will oversee asset management and trust services including oversight of the bank's private client services group. The addition will complement services already offered by the bank's affiliate brokerage firm Strand, Atkinson, Williams and York. Mr Johnson is based in state capital Portland and reports to Umpqua Holdings Corporation president and chief executive Ray Davis.

"With the maturing baby boomer demographic as well as other opportunities we've seen in the markets we serve, the development of this division is both prudent and timely," said Mr Davis.

Mr Johnson has worked in the investment and securities industry since 1986 and was previously employed as a senior managing director for RBC Wealth Management, overseeing wealth management in Oregon, Central Washington and Reno, Nevada. His experience includes strategic planning, personnel management, market analysis and sales and marketing.

Umpqua Bank's Private Client Services Division provides tailored financial services and products to individual customers. Umpqua Holdings Corporation is headquartered in Portland, Oregon. Umpqua Bank has 148 locations between Napa, California, and Bellevue, Washington, along the Oregon and Northern California Coast and in Central Oregon.