People Moves

Executive Moves For North America - May 2010

Tom Burroughes Group Editor London 2 June 2010

Executive Moves For North America - May 2010

There was a raft of moves in North America in May, suggesting a growing momentum in the jobs market for wealth management.

United States

Deutsche Bank Alex Brown, the US private client services division of Deutsche Bank Securities and Deutsche Bank Private Wealth Management, hired John McCauley from UBS to head its Houston, Texas office.

In his new role he will hold a regional executive title and report to Haig Ariyan, the eastern regional head of the firm’s private client services group.

Nachshin & Langlois, the West Los Angeles family law firm, appointed two new associates to its team.

Adam Gardner returns to the company after a six-year hiatus, while Amir Kaltgrad joins the firm with prior experience working with several major law firms in the LA area.

National Financial Partners added J Marry Griswell, former chairman and chief executive officer of Principal Financial Group, to its board of directors.

His election to the NFP board brings the firm's roster of directors to eight and its number of independent directors to six.

Morgan Stanley Private Wealth Management hired a team of four investment professionals for its ultra high net worth offering in Colombia and Venezuela.

Luis Miguel Gonzalez Ocque, now executive director, was previously with Lehman Brothers, where he spent 8 years as vice president. Alan Shlesinger, who joins the firm from Barclays Wealth, was been named vice president.

They will be joined by Christina Arguelles as vice president and Eduardo Alvarez as client sales associate. Arguelles and Alvarez are also from Barclays Wealth and will report to Adriana Pineiro, the executive director and regional sales manager of Morgan Stanley Private Wealth Management.

Nicole Spinelli was named director of the Raymond James Network for Women Advisors.

Spinelli has been with the Network for over eight years now, working with previous directors to build educational programs for the female financial advisors within the firm.

She succeeds Karen Julien, the branch manager of the Raymond James & Associates Carillon branch in St Petersburg, Florida.

Convergent Wealth Advisors said it is transferring Ken Handy, a veteran director now within Convergent’s ultra high net worth division from its Rockville, Maryland, headquarters to head its New York office. 

John Dwyer joined Trevethan Capital Partners in San Francisco, a division of United Capital Financial Advisers, as a wealth advisor.

Dwyer was previously a financial advisor with Wells Fargo Investments in the firm's wealth management group and before that was a wealth advisor at Bank of America.

Jeffrey Russell moved from Merrill Lynch Wealth Management to Morgan Stanley Smith Barney. He had reportedly been with the wealth manager, now owned by Bank of America, since 1994.

Citi Private Bank named Adam Arnold as senior vice president and ultra high net worth private banker at its Washington, DC office. Previously he had been a senior relationship manager at PNC Wealth Management Group for around three years.

Wisconsin-based M&I Wealth Management appointed Katherine Florig as a vice president and portfolio manager at its Hilldale office.

Bessemer Trust hired David Rossmiller - formerly global head of fixed income for Deutsche Bank Private Wealth Management - as head of fixed income investments.

He replaces Harold Woolley, who remains with the firm in the capacity of managing director and portfolio manager. In his new role Rossmiller reports to Marc Stern, chief investment officer, and is also a member of the company’s investment policy and strategy committee.

WTAS, the US tax advisory firm, appointed James Raaf as managing director for its Chicago office effective.

Raaf specializes in individual, corporate, partnership, and estate and gift taxation. Before WTAS, he was managing director at Harris myCFO.

Jim Fletcher has joined First Republic Private Wealth Management in Newport Beach. Fletcher, who was previously the first vice president and senior director of portfolio management at BNY Mellon in Newport, will be focusing on providing customized equity and fixed-income investment management solutions to the company’s clients in the area.

BNY Mellon Wealth Management hired Peter Berg as vice president and sales director to promote custody services to registered investment advisors across the US. He will report to Dan McCarron, head of the wealth manager’s national custody division.

Before joining BNY Mellon, Berg ran his own third-party distribution firm, Boston Light Investments, and previously worked as a senior vice president with HSBC Private Bank, where he established the bank’s Boston office.

Virtus Investment Partners appointed Jeffrey Cerutti as executive vice president and head of retail distribution.

Cerutti joined the firm from UBS Global Asset Management, where he led the mutual funds distribution and alternative investments team and served as managing director and head of third-party sales.

In his new role, he will be responsible for the firm's distribution efforts for its retail investment products, including the Virtus Mutual Funds and separately managed accounts. He will also oversee the retail sales force and manage the company's relationships with retail product partners, including national, regional and independent broker-dealers and advisors.

Edward Jones, the St Louis, Missouri-headquartered brokerage firm, reportedly fired general partner and chief market strategist Alan Skrainka.

Skrainka fired in relation to the "use of [outside] written materials without giving attribution," according to The Wall Street Journal.

AXA Financial elected Danny Hale and Richard Vaughan to the boards of directors of four of its affiliates.

Messrs Hale and Vaughan will join the board of AXA Financial, AXA Equitable Life Insurance, MONY Life Insurance and MONY Life Insurance Company of America. Hale recently retired from his position as senior vice president and chief financial officer of The Allstate Corporation, while Vaughan recently retired as executive vice president and chief financial officer of Lincoln Financial Group.

Castle Hill Asset Management, the specialist credit investment manager, appointed Tom O’Shea as a partner based in Castle Hill’s Charlottesville, Virginia office.

O’Shea joins the firm from hedge fund manager GoldenTree Asset Management, where he also was partner, based in London.

Rush Benton resigned as chief executive officer of WealthTrust, the company he founded in Nashville 13 years ago.

Benton will be replaced by Holly Deem, the firm’s chief operating officer, but will remain as chairman, while also setting up a new consulting firm that will have WealthTrust as a client.

Denver-headquartered investment firm Janus Capital Group hired Matthew Sommer, formerly of Morgan Stanley Smith Barney, for its retirement strategy group.

As director and senior retirement specialist, Sommer will report to Russ Shipman, senior vice president and managing director of the retirement strategy group. He will be responsible for enhancing the services provided to the firm’s clients in the tax-advantaged marketplace.

Prior to joining Janus, Sommer had been with Morgan Stanley Smith Barney for 17 years, most recently as executive director of thought leadership and professional development.

Bank of America’s US Trust unit hired Wells Fargo Private Bank's Grant Boyd as a market executive in the Atlanta area.

Boyd formerly worked as a senior vice president and private banking manager for the southeast region at Wells Fargo's private banking arm.

Additionally, attorney and tax specialist Marianne Calabrese joined US Trust from Windels Marx Lane & Mittendorf, in New York. In her new role, Calabrese reports to Chris Heilmann in the firm’s wealth structuring team.

Citi Private Bank named Lisa Roberts as managing director and Northern California regional executive.

Roberts joins the firm from US Trust Bank of America Private Wealth Management, where she was managing director and market executive for San Francisco, Silicon Valley and East Bay.

James Flynn, Rance Hillier and Merritt Zahner joined Morgan Stanley Smith Barney's office in Madison, Connecticut from Merrill Lynch/Bank of America.

Additionally, Matthew Segal, Joseph Pizzo, Irwin Werbowsky and Mohammed Yassin  joined Morgan Stanley Smith Barney’s Garden City, New York office from UBS.

HSBC Bank USA appointed seven bankers to its growing Premier business in Washington, DC.

Kenneth Sparks, previously the chief executive officer of the Federal City Council, joined the Premier team's business development unit and will help with strategic planning and marketing for different bank areas.

Carter Waddell, who used to head a foreign multinational banking unit for JP Morgan Chase Bank, is now senior premier relationship manager.

Robert Klingensmith was appointed senior PRM with a focus on higher net worth individuals and families.

Ann Conger, formerly a client manager at Bank of America, is also a senior PRM working with healthcare firms and professionals.

Amanda Gu, who used to work at HSBC’s London headquarters, joined as senior PRM for Premier clients.

Shane Moore, previously a financial advisor with Cary Street Partners, is now senior PRM, also assisting Premier clients.

Finally, Loren Glaser, who comes from The Potomac Group, is now HSBC's new Premier acquisition manager.

Haverford Trust Company hired Norm Lubin to provide leadership and guidance for business development and client retention strategies. He joins after having been a consultant to the firm for nearly two years.

Lubin has held sales and marketing positions at firms including State Street Advisors and The Boston Company. Most recently, he was a consultant advising wealth managers, hedge funds, mutual funds, banks and insurance companies on growing their businesses.

MorrisAnderson bolstered its financial and operational advisory business with the appointment of Michael J Musso as vice president of strategic accounts. Musso joined the firm as managing director of the Atlanta office last year.

RBC Dominion Securities, the retail-brokerage arm of Royal Bank of Canada, hired former UBS private banker O J Tuters as an investment advisor at its Toronto office.

Wells Fargo Private Bank hired Wade Meadows as a wealth advisor for its Baltimore team, a role in which he will work with high net worth individuals and families. He joined from Brown Advisory.

Winslow Capital Management named Michael Palmer as president and member of Winslow’s five-member operating committee.

Palmer will work closely with the firm’s founder, chief executive and chief investment officer Clark Winslow to focus on the firm’s client service and marketing efforts.

Palmer was recently primarily based in London, where he headed AllianceBernstein’s blend equity product for the European market. He is returning to his native Minneapolis, in his new role.

US Trust, Bank of America Private Wealth Management, named Henry Woodward Middleton as market executive for the Palm Beach and Treasure Coast markets. He joined from JP Morgan Private Bank in Palm Beach, where he was a vice president and senior banker.

In his new role, Middleton will report to US Trust regional executive, Brian Mormile and will be located in Palm Beach.

BNY Mellon named Lawrence Hughes as chief executive of BNY Mellon Wealth Management.

Hughes was previously the president of US Markets for BNY Mellon Wealth and has been with the company for 19 years. His past roles include those of chief operating officer for the private wealth management unit and executive director for the same unit's eastern US operations. He takes over from David Lamere, who has resigned, and will report to Robert P Kelly, BNY Mellon's chairman and CEO.

Citi Private Bank bolstered its Orange County office with two senior hires: Richard Stasand, who spent 18 years with US Trust, Bank of America Private Wealth Management, joins the company as managing director and ultra high net worth private banker, while Christopher Caruso, also from US Trust, is now director and investment counselor.

Stasand will report to Hale Behzadi, the region head of Southern California and Arizona. Caruso reports to Erik Ridgley, the Western region head of investments.

New Covenant Trust Co, a subsidiary of the Presbyterian Foundation, named Gregory Rousos as its new chief executive.

Rousos is the executive vice president and chief financial officer of New Covenant Trust. He takes over from Robert Leech, who retired early this year. Aside from the new designation, Rousos will still keep his old role as EVP and COO of the Presbyterian Foundation.

Harris named Kathy Weber as managing director at Harris Private Bank-Rockford and Andrea Ward as regional president-Rockford as it continues to fill leadership positions following its recent acquisition of AMCORE.

Weber, former head of AMCORE’s private banking unit, will lead a team of wealth management professionals including portfolio managers, trust administrators, private bankers and wealth advisors.

Ward was most recently regional president of Harris’s far northwest region. She will now lead the retail banking team across all branches in the Rockford region.

KeyBank named Bill Koehler as president of its Great Lakes office, which includes Indiana, Michigan and Ohio.

Koehler previously headed parent firm KeyCorp's Keyvolution project and has also served as president for the bank's Michigan branch. In his new position, he will lead seven district teams focused on delivering retail, business banking, commercial banking and private banking clients in the region.

Citi Private Bank’s Palo Alto office made two hires from Barclays Wealth: Bryon Botsford joined as a private banker, while Thomas Arrington joined as an investment counselor.

At around the same time, in New York Citi Private Bank added to its executive lineup with the appointment of Charles Merrill as managing director and New York regional executive.

Merrill joined the firm from US Trust, Bank of America, where he was managing director and New York market executive.

He assumes his new post in July and will report to Peter Charrington, the bank's chief executive officer for North America. Leslie Bains, who has been assuming the New York role in the interim, will return to her role as head of client development.

Barclays Wealth appointed Gary Krieger as director and investment representative for its Palm Beach office.

Krieger previously worked for 12 years at JP Morgan's Palm Beach and San Francisco offices. In his new position, he will report to Scott Sheffer, the managing director and regional manager for Philadelphia, Washington DC and Palm Beach.

BNY Mellon Wealth Management boosted its Southeast operations by bringing in Gary Rzucidlo as vice president and senior sales director for its Atlanta office.

Prior to joining the company, he was vice president and financial advisor for four years at Sanford Bernstein Global Wealth Management, where he provided asset allocation and advisory services to wealthy clients in the Southeast.

BNY Mellon appointed Jonathan Little and Mitchell Harris as co-heads of its asset management unit on an interim basis following the departure of president and chief executive officer Ronald P O'Hanley.

Little is the vice chairman of BNY Mellon Asset Management and represents the asset management on the firm's executive committee. Harris is the chairman of the fixed income, cash and currency group. Both will keep their present roles in addition to their new responsibilities and will report to Robert P Kelly, the firm's chairman and CEO.

Wilmington Trust hired Lawrence Gore as managing director and senior private client advisor in the company's wealth advisory services business in the northeast region. He will work in the New York office of Wilmington Trust FSB.

Gore was most recently senior vice president and managing director of Herald National Bank, where he was head of wealth management. He began his career with JP Morgan and later spent 18 years at UBS Financial Services and its predecessor firms. In his last role there, he served as managing director and head of the corporate and executive services group. He also spent three years as the president and founder of his own financial advisory and investment banking firm.

Wilmington Trust also appointed Pete Dawkins, a former vice-chairman of Citigroup Private Bank, to the advisory board of Wilmington Trust FSB in New York. Dawkins has held senior positions at Lehman Brothers, Bain & Company, Primerica Financial Services, Traveler's Insurance and Citigroup.

Citi Private Bank appointed Steven Gold and Edward Southerland joined Citi as managing director and ultra high net worth private banker, in San Francisco and Vancouver respectively.

Gold will report to Tracey Warson, west coast regional executive for the bank and Southerland will report to Kush Malhotra, head of the Citi Private Bank offices in Vancouver and Seattle.
Gold comes to Citi from Harris myCFO Investment Advisory Services where he was a director and led a team responsible for delivering the firm's investment advisory services to clients in the western United States. 

Southerland was formerly with Royal Bank of Canada, where he was senior client advisor with RBC Wealth Management in Vancouver. 

Gibraltar Private Bank & Trust hired a team of five private banking veterans from BB&T Bank: Michael Goldberg, senior vice president, market executive; Lina Macki, senior vice president, private banker; Maria Paulsen, vice president, private banker; Barbara Assalone, private banking representative, and Marina Sendra, teller.

Fidelity Investments appointed two executives to take over the responsibilities of former president Rodger Lawson. who stepped down in March.

Abigail Johnson, the daughter of chairman Edward Johnson, will head the firm's distribution operations, while Ronald P O'Hanley, who joins the firm from the Bank of New York Mellon, will become president of asset management and corporate services.

Johnson, as president of the company's personal, workplace and institutional unit, will be focused on all client-side activities.

BNY Mellon Wealth Management made two appointments in Los Angeles as part of its US expansion strategy.

Spencer Gould joined as senior director and Kimberlea Archer was appointed director for business development. Both report to Tracy Nickl, managing director of BNY Mellon Wealth Management’s southern California region.
Gould most recently served as a managing director for Fiduciary Trust Company International; Archer, now responsible for new business development in southern California, previously served as vice president and private client advisor for US Trust, Bank of America’s wealth management business.

First Republic Bank hired Karin Napel as a relationship manager at its Santa Barbara office.

In her new role Napel is responsible for managing relationships with high net worth individuals and families, as well as businesses and foundations. She was latterly vice president and client service manager at Santa Barbara Bank & Trust’s wealth group. 

Daniel Williams joined Citi Private Bank as managing director and ultra high net worth private banker, based in Manhattan.

Williams now reports to Leslie Bains, interim regional executive for the Metro New York area.

He previously worked at US Trust, Bank of America Private Wealth Management, where he was managing director and private client advisor in New York.

Capital Advisors, the managed futures specialist, brought in Stephen Klawitter as senior vice president of the company.

Klawitter was previously the vice president of the private client group at Altegris Investments. In his new role, he will partner with Jay Ramey and Richard Singer to provide alternative investment advisory services to both investors and wealth advisors.

UBS Wealth Management Americas named Daniel Gallagher as branch manager of its Madison Avenue office in New York.

Gallagher previously worked for Morgan Stanley Smith Barney as a non-producing branch manager.

Wells Fargo hired Merrill Lynch veteran Thomas Isaacs to head up its seven private client branches in Manhattan.

Isaacs was named managing director and New York City market manager, succeeding Richard Frick. He reports to Michael Carroll, regional president of Wells Fargo Advisors for the northeast.

Isaacs was formerly head of Merrill Lynch Global Wealth Management’s Jacksonville office in Florida; he resigned in March this year after 25 years at the firm.

Convergent Wealth Advisors appointed Sisi Tran, formerly of Proskauer Rose, to head up its estate planning efforts on behalf of its clients.

Tran’s practice area at Proskauer included estate, gift and inter-generational tax planning, income tax planning of trusts, probate and trust administration and charitable planned giving. 

Citi Private Bank has named Andrea Rossato as senior vice president and ultra high net worth private banker for its Los Angeles office.

Rossato joins the firm from Deutsche Bank Private Wealth Management, where he was vice president and private banker, also in Los Angeles. In his new role he reports to Hale Behzadi, the region head for Southern California and Arizona.
Bermuda’s Capital G Bank named Ian Truran as successor to John Kephart as its chief executive, following the latter’s appointment as president and CEO of Capital G Limited, the holding company of Capital G Investments, Capital G Trust and Capital G Bank.

Truran first joined Capital G Bank ten years ago, rising through the ranks to be appointed executive vice president and chief relationship management officer, with responsibility for credit risk, compliance and personal, private and corporate banking in 2006.

Lincoln Financial Advisors appointed Damon Wojciechowski as managing principal of its Buffalo, New York planning office.

The Private Bank of the Peninsula, based in Palo Alto, California, appointed Jon Krogstad as a senior vice president and relationship manager.

Krogstad joined the bank from MMV Financial, a Toronto-based venture debt firm. He was also a founding member of Venture Banking Group.

Lenox Advisors, the New York-based wealth management firm, appointed Ellen Snibbe Baker as an associate.

She previously worked for Morgan Stanley, Bear Stearns and the Wealth Advisory Group.
Appleby, the offshore legal and fiduciary services firm, appointed Richard McMillan as managing director of Appleby Trust (Cayman).

McMillan joined the firm from CIBC Bank and Trust Company (Cayman), where he spent 19 years, latterly as director of trust services and a board director.

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