October was a busy month for executive moves in wealth management around the world, as this latest roundup of developments shows. BNY Mellon, for example, continued to build out its global wealth proposition.
Citi appointed Anil Wadhwani as head of consumer banking in Europe, the Middle East and Africa, replacing Marc Luet who was recently appointed cluster head for Central and Eastern Europe and Citi country officer for Russia. The area of responsibility at Citi includes wealth management (not including the private bank, however, which caters to ultra high net worth clients). Wadhwani previously served as the head of Citi’s cards and unsecured loans business for Asia and the head of its consumer banking business in South East Asia.
California-based PIMCO, an international investment management firm, hired Virginie Maisonneuve as managing director, global head of equities and portfolio manager. Maisonneuve was previously head of global and international equities at Schroders. In her new role, Maisonneuve is involved in the development and implementation of new equity and asset allocation strategies.
UBS Private Wealth Management added The Binder, Chiate, Oratz & Brown Team in Los Angeles, CA, from Merrill Lynch’s private banking investment group. Binder, Chiate and Oratz all spent the last 13 years as managing directors within the private banking and investment groups at Merrill Lynch. Prior to Merrill, Binder was at Goldman Sachs, where he was a vice president in the private client services division. Chiate spent eight years at Goldman Sachs, where he served as a vice president in the private client services division. Prior to Merrill, Oratz served at Goldman Sachs as a vice president in the private client services division. Prior to joining UBS, Brown spent ten years in the private banking and investment group at Merrill Lynch.
A $129 million team operating as The Borowiak/Sotland Wealth Management Group joined Wells Fargo Advisors’ private client group in Buffalo, NY. The team is comprised of financial advisors and private investment managers Matthew Sotland and Donald Borowiak, who joined from UBS and have 57 years of combined experience in the industry.
Florida-headquartered Gibraltar Private Bank & Trust hired Douglas Sawyer as senior vice president and market executive in Miami, FL. Sawyer is responsible for administration and growth of the market's client portfolio as well as development of the bank's fiduciary account area. Sawyer joined Gibraltar from his role as president at Nason Consulting, a bank consulting company that provides strategic, operational, regulatory, management, staff and market guidance to community banks.
Dallas, TX-based 1st Global, a research and consulting partner to CPA and wealth management firms, appointed Matt McBride as its new chief information officer.
McBride joined 1st Global from ADT Security Services, a division of Tyco International, where he served as solution delivery director since 2011, responsible for all technology delivery such as architecture, application, mobility and data solutions for a $12 billion enterprise. In his new role as CIO, McBride oversees the company's efforts to provide the tools, software and technology necessary to run a wealth management business.
Illinois-based Mesirow Financial hired Stephanie Feldman as a vice president and wealth specialist, focused on the areas of estate and trust. Based in Chicago and Highland Park, IL, Feldman operates as part of The Gordon Wealth Management Group, which works with individuals, families, business owners, non-profits and foundations. Feldman has 14 years of experience in the investment industry, the last eight of which she spent as a senior trust officer at US Trust Bank.
A Portland, OR-based team - comprised of senior advisor Joseph Opsahl and advisor Chris Hatfield - left Merrill Lynch’s private client group to join TRUE Private Wealth Advisors. Opsahl has nearly 30 years of experience in the financial industry and spent the last four years with Merrill Lynch in Portland. Opsahl provides wealth management, investment consulting and financial planning services to high net worth families, corporations, retirement plans and foundations. Hatfield also joined TRUE from Merrill Lynch’s Portland office.
US Bank Wealth Management promoted Mike Ott to president of the Private Client Reserve, the firm's high net worth business. Ott, who previously served as central region president and Twin Cities market leader for the PCR, is a member of US Bank’s Wealth Management Executive Committee. Ott joined Minneapolis-based US Bank in 2009 as head of investments for the PCR in Twin Cities.
Florida-based Chilton Trust Company, a trust company and wealth management firm, bolstered its wealth management business with three senior hires.
The hires include Harry Grand, senior vice president and head of client relations; David Phelps Hamar, senior vice president and head of wealth advisory services; and Benjamin Brewster, senior client relations advisor. Grand oversees all relationship management activities for clients and is a member of the External Managers Investment Committee. Before joining Chilton Trust, he was a senior vice president and relationship manager at Lazard Wealth Management, responsible for investment policy formation, asset allocation and client relationship management.
Hamar is in charge of wealth advisory services and for coordinating family office services. He is latterly of Silvercrest Asset Management, where he held a range of roles including as a managing director; member of the management committee; portfolio manager; co-chairman of family office services; and director of global tax services. Lastly, Brewster has been named senior client relations advisor. He has over 25 years of industry experience, having previously advised family office clients as managing director at Silvercrest Asset Management.
BMO Global Asset Management bolstered its US investment team with the addition of Pete Papageorgakis and Casey Hatch in Chicago, IL. Papageorgakis joined as managing director, head of product development and management, while Hatch now serves as associate, product development and management. Papageorgakis oversees the creation and implementation of investment strategies. Prior to joining BMO Global Asset Management, he worked in product development and strategy roles for a number of financial services providers. Hatch conducts industry and competitor research for the creation and implementation of investment strategies. Most recently, Hatch worked in product development, research and analysis.
OppenheinerFunds made three senior hires in New York as the firm strengthens its marketing force. Joining from BlackRock as senior vice president of strategy and market planning is Peter Mintzberg, who spent seven years at his former firm in a range of roles including head of marketing and head of strategy, Latin America and Iberia. Stephen Tisdalle joined as senior vice president of brand marketing from Ogilvy & Mather, where he was a managing director in charge of marketing services across the agency. Lastly, Rupa Athreya joined OppenheimerFunds as head of product development, having latterly served as head of strategy for Chase Wealth Management.
US Bank Wealth Management appointed Leela Rao as director of business strategy for the Private Client Reserve, which serves high net worth individuals, families and foundations. Rao designs and implements business strategies that will contribute to client acquisition, client retention and business growth, US Bank said. Rao was formerly senior vice president and practice leader for Think2Perform, an organizational management and business consulting firm.
James Quigley, chief executive emeritus and a retired partner of Deloitte, was elected to Wells Fargo’s board of directors. Quigley serves on the board’s audit and examination committee. He served as CEO of Deloitte Touche Tohmatsu (the Deloitte global network) from 2007 until 2011. After serving as CEO of DTTL and Deloitte, Quigley retired as a senior partner with the latter in June 2012..
Maryland-headquartered Sandy Spring Break appointed three new team members to the Sandy Spring Trust wealth management team, which serves high net worth and ultra high net worth clients. The team includes Andrew Seested, private wealth advisor; Jennifer Cumming, senior investment advisor; and Boris Wessely, senior investment advisor. Prior to joining Sandy Spring Trust, Seested was a vice president and senior relationship manager, while Cumming has experience as a vice president and senior investment advisor. Wessely was formerly a vice president and senior investment advisors.
UBS recruited The Reinhold Group in Buffalo, NY, from Morgan Stanley.
The group is comprised of John Reinhold, who has $120 million in assets under management, and Derek Reinhold, with $24 million. Derek Reinhold began his career as a sales liaison with Morgan Stanley’s consulting group and its predecessor firm in Wilmington, DE, in September 2005. A year later he was promoted to regional consulting group technical analyst in Seattle, WA, and then onto Los Angeles, CA, in the divisional office in August 2007.
HNW, Inc, a US marketing and technology firm specializing in the financial services sector, appointed James McLaine as group creative director. McLaine is responsible for HNW’s creative services group, and as such is in charge of content strategy; editorial and marketing communications services; user experience; and graphic design. McLaine has over 18 years of experience working with firms - such as American Express, BNY Mellon, Citigroup and Credit Suisse – in the area of creative services.
Barclays appointed Elyssa Kupferberg as a director and investment representative within the firm’s wealth and investment management division, based in Palm Beach, FL. Kupferberg - latterly of BNY Mellon - is charged with providing Barclays’ global wealth management programs and alternative investment strategies to high net worth individuals, foundations, corporations and non-profit organizations. She spent 14 years at her predecessor firm, BNY Mellon, most recently as the senior sales director and senior vice president.
Long-time financial advisor Mark Orgel launched Orgel Wealth Management, an employee-owned, independent investment advisory firm based in Altoona, WI.
The new firm serves individual investors, trusts, foundations, retirement plans and corporations. Orgel previously worked at RBC Capital Markets.
Atlantic Trust, the private wealth management division of Invesco, appointed Elizabeth Connelly as a vice president and wealth strategist in Boston, MA.
Connelly joined Atlantic Trust from the trusts and estates department of Rackemann, Sawyer & Brewster, where she focused on estate planning, estate administration, trust administration and tax work matters.
Morgan Stanley Wealth Management recruited two financial advisory teams in Oklahoma and Kentucky from Edward Jones and UBS respectively. Ted Bowling and Aaron Bowling joined Morgan Stanley’s Oklahoma City, OK, office from Edward Jones. Meanwhile, Robert Schneider joined the firm’s Louisville, KY, office from UBS. Schneider is joined by his partner, Paige Abner-Peden, along with group administrator, Stephanie Valsted, and senior registered associate Anne Cheaney.
RBC Wealth Management hired Rob Spawn as senior managing director of the firm’s San Francisco, CA, complex. Spawn joined RBC Wealth Management from UBS, where he expanded the firm’s presence in Las Vegas; led the Nevada-Utah and Houston complexes, and, most recently, served as associate complex director for Arizona/New Mexico. In his new role at RBC, Spawn oversees around 70 financial advisors and 125 employees across San Francisco; San Jose; Fresno; Monterey; El Dorado Hills; Walnut Creek; Santa Rosa; and Oakland.
New York-headquartered Goldman Sachs said that Michael Evans, vice chairman and global head of growth markets, decided to retire at the end of the year after more than 20 years at the firm. He became a senior director upon his retirement, the firm said in a statement. In 2003, Evans became global co-head of the securities division, where he was responsible for investors and companies globally.
Wells Fargo Advisors Financial Network, the independent brokerage arm of Wells Fargo, named Rick Calhoun as managing director of the firm’s innovation and growth team. Calhoun represents the independent brokerage and its practices as regards corporate strategies. He focuses on driving growth and developing practice management strategies across the business. Calhoun joined Wells Fargo Advisors Financial Network in 2008 and was most recently the northeast regional director for the branch development group.
Wilmington Trust bolstered its wealth advisory team in Florida with the addition of Michael Engelbrecht and Michele Vogel as senior private client advisors, and Katrina Lee as senior investment advisor. Engelbrecht, a managing director and senior private client advisor, is responsible for providing wealth management advice to high net worth individuals, families, business owners and entrepreneurs. He has previously served as a managing director with Deutsche Bank Securities. Meanwhile, Vogel provides wealth management advice to HNW individuals, families, business owners and entrepreneurs, based in Palm Beach. Vogel served as vice president at PNC Wealth Management in Palm Beach County, and was a senior vice president and trust officer at Northern Trust prior to that. Lee develops investment portfolios for HNW clients and foundations. She was formerly executive director of Barnstar Funds.
Rothstein Kass promoted five high-profile team members including new principals Miri Forster, Sabrina Ho, Peter Kehrli and Jay Shepulski, and senior director Kevin Sasz. Forster has nearly 20 years of IRS practice, procedure and controversy experience. Shepulski provides audit, accounting and business advisory services to domestic and international clients, in both publicly-traded and privately-held sectors..
Ho provides tax compliance and consulting services to high net worth individuals and family offices, while Kehrli specializes in audit and tax services for domestic and offshore alternative investment vehicles. Sasz, a senior director, oversees tax issues and consults on trading strategies.
Citi Private Bank made two senior ultra high net worth hires in Palm Beach, FL.
Phillip Edwards was named a director and UHNW banker while Adam Gillam joined as a vice president and UHNW private banker. Edwards most recently worked at JP Morgan Private Bank and Genspring Family Offices in Palm Beach Gardens, FL.
Gillam joined Citi from Wells Fargo in Palm Beach, where he was latterly a vice president and senior private banker responsible for advising high net worth families on all aspects of wealth management.
Rinehart Wealth Management recruited three Charlotte, NC-based financial executives for its newly-formed advisory board. G Kennedy Thompson, Charles Conner and Cindy Wolfe work alongside Rinehart president and chief investment officer, Daniele Donahoe, and founder and CEO, Mary Rinehart.
The new board helps direct the firm on future growth and development goals, including strategic planning and process improvement. Thompson is a principal at New York-based Aquiline Capital Partners, having joined the private equity firm in 2009. Conner, meanwhile, is one of three co-founders of investment banking firm Bowles Hollowell Conner, which was bought by First Union.
Wolfe has 26 years of experience in the banking industry and serves as metro Charlotte market president for Bank of the Ozarks.
The PrivateBank, part of Private Bancorp, appointed Rose Panico-Marino as managing director of private wealth in Chicago, IL, with a focus on retirement plan solutions. Panico-Marino joined The PrivateBank from Verisight, where she was managing director and part of a leadership team focused on devising retirement plans for clients.
Raymond James recruited the firm Provenance Wealth Advisors - consisting of 10 advisors and 14 registered associates - in Fort Lauderdale, FL. The team was led by owners Eric Zeitlin, Todd Moll, Lee Hediger and Scott Montgomery. They joined Raymond James from Walnut Street Securities, where they managed more than $1 billion in client assets
BNY Mellon, made a string of hires in recent months, and appointed Heneg Parthenay as chief operating officer of BNY Mellon Asset Management International, based in London. In his new role, Parthenay is responsible for assisting in the management of BNY Mellon AM International, with a focus on developing and implementing strategy for the insurance channel. Parthenay spent the last eight years at Aviva, latterly on the executive team of their global asset management arm, Aviva Investors.
SCBT Wealth Management, part of First Financial Holdings, appointed David Kirkpatrick as senior vice president and portfolio manager in its wealth management group. Kirkpatrick, with more than ten years’ experience in the investment management industry, previously spent six years with a southeastern regional bank, where he served as a vice president and portfolio manager in the South Carolina market. In his new role, Kirkpatrick focuses primarily on portfolio management for the South Carolina markets of SCBT and First Federal.
New York-based Lebenthal Holdings, a woman-owned boutique investment bank, launched Lebenthal Wealth Advisors, a private wealth advisory division, led by Jeffrey Lane and Frank Campanale. Lane serves as chairman of the board of Lebenthal Holdings, while Campanale serves as chairman and chief executive of LWA. In addition, Andrew Grillo, a former regional director of Smith Barney, is president of LWA; James B Lebenthal serves as chief investment officer and market strategist; and James A Lebenthal has become chairman emeritus. Lane was previously CEO of Bear Stearns Asset Management; chairman and CEO of Neuberger Berman; and a vice chairman of Lehman Brothers. Campanale is latterly of First Allied Wealth Management.