People Moves
Executive Moves - August 2011
There was no, single outstanding move story for the month of
August but a number of banks in the US, Asia-Pacific and
Switzerland made important hire announcements even though August
is traditionally a holiday month. UBS, Bank of America, Credit
Suisse and ABN AMRO made significant announcements last
month.
UK
Mirae Asset, the South Korean emerging markets equities
specialist, named
Karl Waltré as head of the Nordics, a London-based role in which
he is charged
with driving both wholesale and retail business growth in the
region.
Waltré joined from Aviva Investors, where he was business
development
director covering the Nordic countries and Baltic States. In his
new role he
reports to Elliot Berman, Mirae’s head of sales.
Clariden Leu named Marco Bartolucci as head of its investment
products
division, moving him over from the structured products unit,
which he led since
launching it in 2003.
Before joining the Swiss private banking group Bartolucci was
with JP
Morgan, where he is credited with launching the Wall Street
giant’s Swiss
securitised derivatives business. Before this he worked on
structured products
at Credit Suisse First Boston.
Quilter, part of
Morgan Stanley Smith Barney, continued the expansion of its
London team with
the appointment of Dean Lomas as business development manager.
Lomas
was latterly at Hackett & James as a property and business
development
manager; he has also worked as a senior sales negotiator at John
Earle &
Son.
At
Quilter Lomas will be sourcing high net worth clients for the
firm’s expanding
head office, reporting to managing director Stephen Vakil.
ANZ
Wealth saw the departure of managing director John Van Der Wielen
for UK-based
Friends Life, which appointed him managing director,
international.
It
was understood that ANZ’s general manager of insurance, Gavin
Pearce, will take
on the role of acting ANZ Wealth managing director on an interim
basis while a
permanent replacement for Van Der Wielen is found.
Before
joining ANZ, Van Der Wielen had been chief executive of Clerical
Medical up
until leaving the firm in February 2010 after a restructure
following the
merger of the insurance arms of HBOS and Lloyds. He had
previously served as
CEO of HBOS Financial Services.
Van
Der Wielen succeeds Rocco Sepe, who is leaving the firm at the
end of next
month.
Mercer
named Michael Dempsey as head of its investment management
business for EMEA,
an appointment which closely follows that of Paul O’Connor as
head of asset
allocation for the same business.
In
his new role Dempsey will also be a member of the firm’s EMEA
executive team
and its global investment management leadership team. He succeeds
Tom Murphy,
who after five years in the role is relocating to Boston to take
up the role of
regional head of investment management.
O’Connor’s
appointment as head of asset allocation for Mercer’s EMEA
investment management
business came earlier this month. He had previously spent ten
years as a proprietary
trader and strategist with Credit Suisse in London.
Deutsche
Bank Private Wealth Management appointed Andrew Clarke as a
director and head
of professional practices at its London office.
Clarke
is charged with building up the bank’s relationships with third
parties such as
accountancy, law and corporate finance practices in order to
garner more client
referrals. He will be co-ordinating with both relationship
managers and office
heads. He reports to Juliet Wedderburn, head of Deutsche Bank
Private Wealth
Management in London.
Clarke
was latterly with Barclays Wealth, where he is credited with
having built up a
similar business from scratch.
UK
wealth management firm Ashcourt Rowan made a number of changes to
the firm's
directorate team, notably appointing Jonathan Polin as the new
group chief
executive, who begins his role formally on 2 September 2011.
Mark
Cheshire has stepped down from the role of group CEO as part of
the board’s
reorganisation. In November 2009, he joined UK-listed Syndicate
Asset
Management, which created Ashcourt Rowan as its wealth management
business.
Cheshire had previously been a wealth management executive at
Lloyds, the UK
banking group.
Polin
was previously an executive director at Ignis Asset Management,
where he was in
charge of sales and marketing, a role he held for seven years
until June this
year. At Ignis he is credited with being the architect of its
successful joint
venture boutique strategy and the force behind the firm’s growth
in the IFA and
wholesale markets.
Polin
has held multiple board appointments within the financial
services industry
over the last two decades, says the firm, including eight years
at Aberdeen
Asset Management where he was managing director of UK, Europe,
and Middle East
sales.
Meanwhile,
Buzz West was appointed as non-executive chairman following his
move to interim
chairman of Ashcourt Rowan on 1 August 2011. Steve Haines,
currently an
executive director at Dwyer Asset Management (owned by a
significant
shareholder of Ashcourt Rowan), was named non-executive director.
Both
appointments take effect immediately.
Williams
de Broë, Evolution group’s private client wealth management arm,
expanded its
Scottish operation with the appointment of a new investment
director.
Paul
Mefford joins from Barclays Wealth, where he was a vice president
for three
years. He has eighteen years of industry experience in the
private client
sector and has also worked for Allied Provincial in Glasgow, the
firm said in a
statement.
In
his new role Mefford will be based in Edinburgh, joining recent
recruits Rosie
Daniels and Catherine McMorrin.
Bluefin
Wealth Management announced that managing director Suvan de Soysa
left the
business in May 2011 to “pursue strategic consultancy options in
the UK and
Australia”, according to a statement from a Bluefin spokesperson.
Meanwhile,
Simon Hellier, previously managing director of Oval Financial
Services, was
appointed to the role of head of BWM, reporting to Nick Burns,
chief executive
of Bluefin Advisory Services.
Evolution
Group, the parent of UK-listed private client investment manager
Williams de
Broë, saw Andrew Westenberger step down from his position of
group finance
director.
A
replacement for Westenberger will be announced in due course,
Evolution said in
a statement. News of Westenberger's next move has yet to emerge.
Evolution
simultaneously announced that it had bolstered its board with the
appointment
of Lord MacLaurin of Knebworth as a non-executive director. Lord
MacLaurin is
actually returning to the firm’s board, as he previously served
between July
2004 and May of this year as senior independent non-executive
director. Lord
MacLaurin is known for having been the chairman of Vodafone Group
up until
2006.
John
Derrick, a former senior vice president at Swiss bank Lombard
Odier, was
appointed director in the ultra high net worth and family office
business at
Barclays Wealth.
Derrick
worked at Lombard Odier from May 2008 until June this year, when
he started at
the UK
wealth manager. Prior to Lombard Odier, Derrick worked as a
senior vice
president at Auda Advisor Associates, the hedge funds and private
equity fund
of funds business of the Harald Quandt family office. Before this
he ran the
fine wine division at wine merchant Bibendum for three years, and
before that
he worked at Goldman Sachs as a top investment banker in the
European equity
capital markets division.
At
Lombard, Derrick was involved with setting up
the bank’s custody platform which integrates deposited assets
like equities and
bonds, with passion investments such as artwork, wine, yachts and
airplanes.
Clients can gain access to their electronic portfolio at any time
in order to
monitor performance and risk across all their assets.
F&C Asset Management appointed Jonathan Mann as head of
emerging market
debt, promoting him from senior fund manager. Mann has been with
F&C since
2005.Nick Friedlos joined Alpha Real Capital as a partner. He was
most recently
chief executive of Guernsey-based property company Mapeley.
Headquartered in London, Alpha is a co-investing international
real estate
funds manager with a network of offices in the UK,
Europe and Asia.
Aegon Asset Management named Simon Skinner, currently UK life and
pensions chief operating officer, as
the new chief executive of Aegon Ireland. Skinner joined Aegon
two
years ago and took over from David Healy, who is stepped down
after 14 years at
Aegon. A new UK
life and pensions chief operating officer will be named shortly.
Quilter, part of Morgan Stanley Smith Barney, appointed Jonathan
Rawicz as
an equity research analyst to its London team. Rawicz recently
completed a
masters in finance at the London Business School
and previously worked for South
Africa’s Nedbank Group, most recently as a
senior equity analyst.
Quilter also announced three regional hires for its 19-strong IFA
sales
team. Paul Ruscoe, Andrew Shirtcliff, and Paul Cox will be based
in Birmingham, Liverpool and London.
Baring Asset Management boosted its emerging markets debt team
with the
hire of investment manager Faisal Ali. Ali reports to Thanasis
Petronikolos,
head of Barings’ emerging markets debt team. Ali was latterly
with Observatory
Capital, where he had been running a credit portfolio as part of
the emerging
markets team.
Frontier Investment Management, the multi-asset and alternative
investment
firm, appointed Simon Liang as an analyst. Liang joined from
investment
consultant Bfinance UK.
Liang will work with Alex Gaitan, the portfolio manager on
Frontier’s two funds
of funds, the FrontEdge Global Hedge Fund and the FrontEdge
Managed Futures
Fund.
Williams de Broë, the private client wealth management company
owned by
Evolution Group, appointed Elissa Bayer as investment director in
London. Bayer
joins from Charles Stanley, where she had been a director of
private clients.
Schroders Private Bank named Kieron Launder as its chief
investment
officer. He joined from Rothschild Private Management, where he
was head of
strategic advisory solutions and chief investment strategist.
Under the change,
Robert Farago will continue as head of asset allocation and a new
head of
manager selection will be appointed in due course.
AXA
Framlington,
the equity fund manager which is part of AXA Investment Managers,
hired analyst
Kaio Motawara from Charlemagne Capital.
Threadneedle boosted its US
equities team with the appointment of fund manager Diane Sobin
and analyst
Nafis Chowdhury.
Sobin joined from Columbia Management, where she was based in New
York as a portfolio
manager for US equities. Chowdhury, meanwhile, is already in
role; he was
previously an analyst covering UK
mergers and acquisitions at Morgan Stanley’s investment banking
business.
The fund will invest in a range of fixed income assets including
developed
and emerging market government bonds, investment grade and high
yield corporate
bonds, asset-backed securities, currencies and fixed income
derivatives.
The firm said that the proposed fund is being considered in
response to the
changing fixed income market and will take a flexible approach,
in order to
adapt to different phases of the economic cycle.
Quilter,
part of
Morgan Stanley Smith Barney, has appointed Francis Clayton -
latterly an
investment director at Collins Stewart - as an executive director
at its Jersey
office.
Clayton, who takes up his new position early next year, will
actually be
returning to Quilter, as he previously worked for Quilter
Goodison Channel
Islands as a portfolio manager between 1989 and 1991. After this
he worked in
portfolio management at Sheppards (Channel Islands) before going
on to join
Collins Stewart in Jersey.
Clayton's Jersey executive director
role is a newly-created one and follows an impressive period of
growth for
Quilter on the island, with funds under
management having
increased by 24 per cent over the last year. As a whole the
firm’s funds
under management totalled £7.8 billion ($12.7 billion) at the end
of June this
year.
Quilter has some 350 staff based across 12 offices in the UK, Jersey and Ireland.
Barclays
Wealth
has furthered its expansion in Scotland
with the addition of three new wealth advisors.
Robin Clements and Andrew Hall join the Glasgow
office, while Chris Mackie is based in Edinburgh.
Clements and Hall both join from Towry, where they were wealth
advisors, while
Mackie was latterly a financial planner at Thompson Shepherd.
In their new roles the appointees will provide wealth planning
advice to
clients and will be responsible for boosting the wealth advisory
unit’s
portfolio of clients across Scotland
and Northern Ireland.
All three report to Ryan McDonald, vice president, Barclays
Wealth Advisory.
The firm said in a statement that it is looking to hire a further
two
Chartered Financial Planners by the end of this year, bringing
its roster in Scotland to
eight.
Mercer has named Paul O’Connor as head of asset allocation for
its EMEA
investment management business, a role in which he will oversee
the overall
asset allocation strategy for clients’ portfolios.
O’Connor has spent the past ten years as a proprietary trader
and
strategist for Credit Suisse in London;
previously he had been an equity strategist at BZW/Credit Suisse.
Mercer’s investment management business in EMEA now has a book of
nearly
147 clients whose assets amount to $12.5 billion.
In other recent news at the firm, at the end of last month Mercer
promoted
its chief investment officer for Asia-Pacific to the new role of
global CIO,
mainstream assets, as one of a handful of appointments and amid a
wider
restructuring within the global consultancy.
Asia-Pacific
UBS announced
the appointment of David Hayward Evans as head of philanthropy
and values-based
investing for Asia-Pacific. Evans was previously the manager for
private sector
and non-governmental donors at the Global Fund to Fight AIDS,
Tuberculosis and
Malaria under the United Nations. He also now leads the bank's
family services
division in Singapore and
works closely with Christina Tung and Jenny Santi, who handle the
Swiss bank's
philanthropy units in Hong Kong and Singapore.
Switzerland’s Credit Suisse cut about 12 people
from its India
wealth management team of 60, around 20 per cent, in line with
global headcount
reduction efforts. This included the unit's head, Puneet Matta.
Hugues Delcourt
joined ABN Amro’s Singapore
operations as country executive and as chief executive of its
private banking
international Asia business, effective 1
October 2011. He replaced Hans Diederen, who left the company.
Bank of
Singapore hired three, including veteran private banker Terence
Seow as
managing director of a new South East Asia-focused team. Seow
stepped in from
DBS Private Bank where he served as senior vice president for the
mega-wealth
segment of the Indonesian market. He was joined by relationship
managers
Wilyono Martin and Fran Shiuh Rou, also from DBS.
Goldman Sachs
promoted Ha Jiming to the newly-created role of vice chairman and
chief
investment strategist for its China-based investment management
unit. Ha was
previously the managing director at the bank's investment banking
division in China. He
reports jointly to Ronald Lee and Kaven Leung, the co-heads of
private wealth
management for Asia Pacific.
BNP Paribas
Wealth Management brought in Alfred Tsai to lead its China
business effective October
this year. Tsai was previously a managing director and senior
relationship
manager at Julius Baer, with a focus on China operations. He left
the Swiss
bank in July.
New York financial data management firm Netik opened a new office
in
Hong Kong. Leading the Asian headquarters is
Brian Rooney as senior vice president for Asia Pacific. Rooney
joined from
GoldenSource in Hong Kong, where he served as
regional sales director for the AsiaPac region.
Barclays Wealth
named Anne Luke as managing director, head of client solutions
for Asia. She is based in Singapore
and reports both to Srinivas Siripurapu, the head of South Asia
and Southeast
Asia, and to Pakorn Boonyakurkul, the head of North Asia.
Luke joined from a brief stint at Sarasin & Co, which she began
in November
last year. Before that, she spent a large part of her career at
UBS.
AlixPartners,
the international business and financial advisory firm, appointed
CV
Ramachandran as head of its Asian operations. Ramachandran is
based in Hong Kong and was a managing director since 2003.
AlixPartners also hired Rob Morris and Eric Thompson as managing
directors for
Hong Kong and Singapore.
Morris is financial advisor, while Thompson specialises in
restructuring
A number of
bankers at Credit Suisse Australia,
including the head of business development Melissa Joseph, left
the
Zurich-listed bank. David Fraser also recently resigned as did
Joyce Cheam,
another relationship manager, formerly of UBS Singapore.
Permira, the
European private equity house, bolstered its capabilities in
China with the hire of Alan Chen as head of China and
Christian Paul as portfolio director. Before joining Permira,
Chen spent about
nine years working for Goldman Sachs in Hong Kong.
Paul joins from Alix Partners, where he was a director in
Shanghai
for four years and part of its China
leadership team and member of the global directors’ council.
Citi hired Steve
Yang as head of Greater China credit sales, based in Hong
Kong. Yang joined from JP Morgan, where he led the Taiwan
credit
and investor sales division for 7 years before proceeding to
co-head the credit
syndication unit.
Citi also
appointed Stewart Aldcroft as managing director and senior
advisor for its
investor services business. Stewart stepped in from Hong
Kong manager Enhanced Investment Products, where he headed
the
business development for beta products unit.
Manulife Financial,
the Canada-based financial services firm,appointed Craig Merdian
as senior vice
president and chief financial officer for Asia.
Merdian joined from insurance firm New York Life International,
where he was
executive vice president and chief financial officer for four
years.
Bank of
Queensland, one of Australia's
oldest financial institutions, hiredStuart Grimshaw as managing
director and
chief executive officer, effective 1 November 2011. Grimshaw will
take over
from David Liddy, who has been the MD and CEO since April 2011.
Until Grimshaw
steps in, Ram Kangatharan, the chief operating officer, will be
acting CEO.
Baring Asset
Management the global asset manager, hired Ajay Argal as head of
Indian
equities. Argal will be based in Hong Kong and
report to Wilfred Sit, the firm's chief investment officer in
region.
The Royal Bank
of Scotland, the UK's government-owned bank, appointed Puneet
Periwal as market head, West, for its private banking business in
India.
He joined from domestic player Anand Rathi where he was a
director in the
portfolio management and investments business.
HSBC Singapore
appointed Paul Arrowsmith as head of retail banking and wealth
management.
Arrowsmith has been with the HSBC Group in Singapore since 2007
when he took
over as chief executive of HSBC Insurance in the city-state. His
most recent
role was as deputy regional head of insurance.
Vistra Jersey,
the wholly-owned subsidiary of Jersey-based trust, fiduciary,
corporate, and
fund services firm Vistra Group, appointed Victor Ho as director
of private
clients, with a focus on Asia. Ho brings over
20 years of financial services experience and specialises in
wealth management
and estate planning for Chinese corporate and high net worth
clients.
RBC Wealth
Management, the wealth subsidiary of the Royal Bank of Canada,
named Andrew Turczyniak as head of Asia. Turczyniak joined
the company in 1995 and has
worked for RBC Capital Markets and Wealth Management in Hong
Kong, London, and Sydney.
He most recently served as chief executive in Hong Kong
for RBC Capital Markets.
Walkers, the
international financial law firm, appointed trusts attorney Lee
Syin Long to
lead its trust law division in Singapore.
Lee has eight years of industry experience, having previously
served various
positions in the private practice and in major trust entities in
the
city-state.
Europe
Renaissance
Advisors, the private finance and advisory services unit of
Russia’s
Renaissance Group, appointed Vagan Amichba and Kirill
Schmidt as managing director and senior financial advisor and
vice president
and financial advisor.
Amichba
latterly ran his own M&A consulting boutique, prior to which
he was head of
wealth management at Troika Dialog. In his new role he will serve
key clients
of Renaissance Group, said the firm, focusing on ultra high net
worth
individuals and cross-selling into all businesses of the firm.
Schmidt
most recently served as deputy chief executive of Nomos-Bank
Asset Management.
He has also worked at asset manager AVK
Palace Square as a portfolio manager, Citibank
Private Banking, Troika Dialog and FCI Management.
Argyll
Investment Services, a Guernsey-listed independent fund manager,
promoted
senior manager Hazel Kelling to operations director with a seat
on the
board.
Kelling
has been a member of the management team for six years and has
been involved on
several of the firm's major projects. One of her latest is the
development of
the company’s new discretionary fund management service for IFAs.
Before
joining Argyll, Kelling worked for Collins Stewart Hawkpoint and
Investec.
Carmignac
Gestion, the French asset manager, expanded its European team
with the
appointment of Laurent Ducoin as head of the European management
team,
effective 1 October 2011 and to be based in Paris.
Ducoin
was latterly at BlackRock in London
as pan-European equities manager in the European specialist team;
he was
appointed as an analyst in 2004 by Merrill Lynch Investment
Managers, which has
since merged with BlackRock.
In
his new role Ducoin will co-manage Carmignac Grande Europe with
Samir Essafri -
who was already sharing the responsibility for this fund - and
will also
co-manage Carmignac Euro-Entrepreneurs, the firm said in a
statement.
Chris
Ruffle, Martin Currie’s portfolio manager for China
and Taiwan,
left the firm at the end of last week, after the UK-listed equity
fund manager
carried out conflict of interest reviews.
Ruffle’s
responsibility will be replaced internally by Shifeng Ke, who
will work with
James Chong, investment director for China, and John Pickard,
head of
investment at Martin Currie, to transition the management of
affected
portfolios.
Société
Générale Cross Asset Research beefed up its equity research team
with four
London-based analysts specialising in consumer goods.
The
group of four joins from Evolution Securities; all previously
worked for
Dresdner Kleinwort. The team will be led by Warren Ackerman, who
joins as
managing director and head of consumer equity research. Andrew
Holland and Chas
Manso de Zuniga join as directors, the former responsible for
beverage research
while the latter will head up tobacco, household and personal
care research.
Ackerman, Holland
and Manso de Zuniga will report to Matthew Jordan, head of equity
research in
London.Meanwhile, Jamie Norman joins as director in consumer
specialist sales.
He will report to Paul Jackson, head of specialist sales.
Deutsche
Bank Private Wealth Management added Peter Roper to its Edinburgh
office; he joined as relationship
manager and vice president from RBS Private Client Group.
Roper
is the latest in a string of recent hires Germany’s
largest bank has made to its wealth management operations in the
UK
regions.
Switzerland
Credit
Suisse
named Christoph Brunner as its new head of private clients in
Switzerland,
amid several other senior hires.
Brunner succeeds Hanspeter Kurzmeyer, and will himself be
replaced by Rolf
Boegli replaced Brunner as chief operating officer for private
banking, reports
said. Meanwhile, Arthur Vayloyan was named head of private
banking for Switzerland;
his role in the bank’s investment services and products unit has
been filled by
Nicole Pauli.
Credit Suisse declined to comment when contacted by WealthBriefing on the matter.
Lloyds’ international wealth business appointed Alex Tsikouras as
head of
customer management, promoting him from head of international
affluent team for
two years. Prior to this, he worked at Deutsche bank. In his new
role Tsikouras
will set up the new customer management function, taking
responsibility for all
lead generation activities. He will continue to be based in
Geneva.
The firm also named Chris Gowland as proposition director. He
joined the
executive committee from the bank’s UK retail products business,
where
he was previously acquisition director for Lloyds Banking Group
Mortgages.
Bank
Sarasin
appointed Marius Dorfmeister to lead its international
institutional clients
business He reports to Aris Prepoudis, head of institutional
clients and
wholesale, who had been acting as interim manager of this
business.
Dorfmeister joined from Falcon
Private Bank
in Zurich and Vienna.
Credit Suisse named Marcel Kreis as chairman of private
banking
Asia-Pacific and Francesco de Ferrari as head of private banking
Asia-Pacific.
Both appointments take effect from 1 January next year.
Kreis previously had been head of private banking Asia-Pacific,
while his
successor, De Ferrari, was latterly head of private banking for
Italy.
International
Asset manager Neuberger
Berman
appointed Joseph Mukungu to the newly-created role of senior vice
president,
head of client services for Europe and the Middle East.
Mukungu joined the firm from JO Hambro Capital Management, where
he was
head of client services and relationship management.
In his new role Mukungu will manage the team based in Europe
responsible
for servicing Neuberger Berman’s client base outside the US.
Royal
London 360°,
the Isle of Man-based offshore division of Royal London Group,
appointed Wayne
Badura to its Africa sales team. He joined the
company as regional sales consultant, to be based in
Johannesburg.
Badura latterly worked for Ecclesiastical Investment Management in London.
Earlier in August Royal London 360°
appointed Dan Moss as its new international sales manager, north
east
and north west UK. Moss was latterly a regional broker sales
consultant for
the East Midlands at Sun Life
Financial of Canada.
Bank of
Singapore
hired veteran private banker Terence
Seow as
managing director of a new team for the southeast Asian market.
Seow stepped in from DBS Private Bank, where he was senior vice
president
for the mega-wealth segment within the Indonesian market.
He was joined by relationship managers Wilyono
Martin
and Fran
Shiuh Rou,
both also from DBS Private Bank.
ABN
AMRO
appointed Hugues
Delcourt
as country executive for Singapore
and chief executive for its private banking international
Asia
business with effect from 1 October.
Delcourt rejoined the bank from UBS Luxembourg, having held
senior roles at
ABN AMRO and Fortis in corporate and private banking functions.
He is replaced
Hans Diederen whose departure from the firm emerged earlier in
August.
Morgan
Stanley
International Wealth Management named Charlie
Mak,
currently head of Morgan Stanley Smith Barney for Asia,
as its president.
Mak filled a position which had been left vacant for several
months after
Michael Armstrong was put in charge of Morgan Stanley Smith
Barney's capital
markets business in New York.
Under the changes, James Jesse will relocate from New
York to Hong Kong as the chief
operating officer of Morgan Stanley International Wealth
Management.
Jesse is currently COO of the firm’s capital markets department,
having held
various leadership positions in its US and international
businesses,
with experience in both institutional and private client
divisions. He
will continue to lead MSSB global family office initiatives.
Chris Van Aeken, who has moved to London
from Hong Kong, continues as chairman of Bank Morgan
Stanley,
the firm’s Swiss private bank. He will also head up MSSB 's
international
banking, lending and product efforts.
RBC
Wealth Management,
part of Royal Bank of Canada,
named Pierre
Sigrist as
director of its private client fiduciary services team in Dubai.
Sigrist is in charge of developing
the team's business in the Middle East and North Africa.
He joined from UBS, where he was head of international wealth
planning with
focus on the MENA region and Asia.
North America
Raymond James hired Gary McGovern, John Flaherty, and Frank
McDonell
as senior vice presidents of investments at its Hingham,
Massachusetts
branch.
McGovern used to be the first vice president and assistant
branch
manager at Wells Fargo in Norwell, where he oversaw $129 million
in
client assets and had nearly $750,000 in annual fees and
commissions.
Flaherty, also from Wells Fargo, most recently managed $67
million in
client assets and generated more than $750,000 in annual
production.
McDonnell is from RBC Wealth Management, where he oversaw $85
million in
client assets and almost $700,000 in annual fees and commissions.
Also moving from Wells Fargo with Flaherty and McGovern are
registered client service associates Marilyn Drobiarz and Wendy
Solari.
Bank of America announced the hire of nearly 40 financial
advisors in
the mid-Atlantic region as part of the drive to bolster its
preferred
client business. The appointment of Merrill Edge financial
solutions
advisors is in line with the plan to double the number of FSAs to
over
1,000 nationwide by the end of 2011.
UBS laid off three financial advisors from its Canadian network in a bid to consolidate operations in the country.
Toronto-based advisors Mike Ralph, Paul de la Roche, and Aaron
Martin
left the company, in a move that is consistent with the bank's
recent
announcement that it is slashing 3,500 jobs worldwide to reduce
annual
expenditure
Acadia Trust, the wealth management subsidiary of Camden
National
Corporation, named Stephen Tall as president and
chief executive.
Tall most recently worked as a consultant to various firms across
the
US. He is also a former executive at Burnett Companies in Fort
Worth.
Before joining Burnett, he was an executive vice president for
the high
net worth division of Fiduciary Trust International in New York
City.
In his new role, Tall will be based at the firm's Portland
headquarters and will be responsible for coordinating all of
Acadia's
investment and trust services throughout Maine.
UBS hired a team of three financial advisors from Merrill Lynch for its Framlington Hills, Michigan branch.
With a combined production of $2.85 million and $450 million
in
assets under management, Makram Talia, Robert Loupee, and
Michael
Graziani all joined the firm. Talia was previously an advisor
for
Merrill Lynch for 33 years, Loupee for five years, and Graziani
for 16
years. All three will report to John Bush, the complex director
for
Framlington Hills.
KeyBank, the US-based financial services firm, appointed David
Kraus
as director of the contact centers unit, which specializes in
sales and
service delivery for retail, business commercial, high net worth,
and
treasury management clients.
Kraus was previously the consumer division manager of contact
centers. Prior to that, he was director of performance management
at
HSBC's customer relationship center. In his new role, he will be
leading
an operation with more than 700 employees in four sites who
handle over
85 million client contacts. He is based at the western New York
contact
center in Amherst.
PNC Financial Services appointed Clay Henry as managing director of the asset management group in Greater Maryland.
Henry returns to PNC from Graystone Wealth Management and
Private
Bank, where he was an executive director for ultra high net
worth
clients. He was also previously an executive vice president at
First
National Wealth Management, and before that held the same role
at
Millenium Wealth Management. In his past work at PNC, he held
various
positions including director of investment services and
marketing, and
director of strategic planning and acquisitions.
Returning to the firm, he will be responsible for all wealth management activities throughout the region.
US Bank brought in Jonathan Firestein as head of private capital
at
Ascent Private Capital Management, the ultra high net worth unit
of the
firm's wealth management group.
In his new position he will lead efforts to develop the
private
capital investment platform for Ascent's clients, including
global
investment strategies in venture capital, buyouts, private debt,
real
estate and real asset investment funds. His former roles
include
director of research for Wells Fargo Family Wealth, and senior
associate
at Rigel Associates, a California-based private equity firm.
Firestein began in the position last month, and is working at US Bank's office at One California Street in San Francisco.
BNY Mellon appointed attorney Joshua Miller to a
newly-created
position in its wealth management business, supporting the
firm’s
clients in the areas of private banking, wealth, tax and
estate
planning.
Miller was appointed at vice president level, and will be based
in
Boston, reporting to Dan Gebhart, a senior director at the firm.
A
practicing attorney for seven years, he joined BNY Mellon from
the law
firm Holland & Knight.
UBS hired financial advisor Brian Zalewski to join its Americas wealth management office in Chicago.
Zalewski steps in from Morgan Stanley Smith Barney and also
previously worked at Citigroup. His background includes $1.1
million in
production and $110 million in assets. He reports directly to
Geoffrey
Centner, the branch manager.
Gluskin Sheff + Associates, the Canadian wealth management firm
that
serves high net worth and institutional investors, appointed
Bruce Kagan
as vice president for risk management.
Kagan was previously the chief executive of Blackmont Capital,
which
has operations in the wealth management and capital markets.
Prior to
that, he was the CEO of Macquarie Private Wealth, after Blackmont
became
part of Macquarie Group in January 2010. He brings 20 years
of
investment industry experience to his new role.
Mercer named senior partner Tom Murphy as head of investment management for the US, effective from 1 September.
Murphy used to be the head of investment management for EMEA -
a
position he held for five years. He joined the company in 1997.
In his
new role Murphy remains a member of the investment management
leadership
team and will be based in Boston.
Following this appointment, Ken Crotty, who held both the US
investment management and the global chief operating officer
positions,
will now focus exclusively on being COO. Murphy reports directly
to Rich
Nuzum, the president and global business leader of the firm's
investment management division.
Wells Fargo & Co laid off 15 employees in its wealth management business in the Carolinas as part of an efficiency program.
The cuts to wealth management form part of a reorganization of
that
business as a result of Project Compass, a drive to trim
quarterly
expenses at the bank by $1.5 billion by the final quarter of
2012.
Macquarie Group's Canadian wealth management unit recruited a
team of
financial advisors that manages almost C$224 million (around
$226
million) in assets from HSBC's Canadian brokerage business in
Calgary.
Portfolio manager Nick Twyman and investment advisor Bryn
Gardener-Evans, as well as associate advisor Craig Evans, and
investment
services associate Cheryl Cadieux joined Macquarie Private Wealth
from
HSBC.
DNB First Wealth Management, the Philadelphia-based banking
and
wealth management firm, brought in financial services
veteran John
Stoddart as a senior investment portfolio manager.
Stoddart previously held key positions in the fields of
shareholder
relations, private banking, and portfolio management. More
recently, he
worked for Graystone Wealth Management and its predecessor,
First
National Wealth Management, as an investment portfolio manager.
There he
specialized in the activities of high net worth individuals
and
families, charitable organizations and municipalities.
Jonathan Sorrell joined Man Group from Goldman Sachs as head of strategy and corporate finance.
Sorrell will report directly to Peter Clarke, the chief
executive,
and be based in Riverbank House, London, the company’s new
headquarters.
As part of the executive team, one of his tasks is understood to
be
seeking to improve Man’s presence in the US and Asia.
Citibank’s chief operating officer Douglas Peterson is set to
take
over at the helm of Standard & Poor’s, as the current president
of
the latter firm, Deven Sharma, will leave at the end of the year.
Peterson takes over as president on 12 September, and Sharma
will
spend the rest of his time at S&P working on a special
assignment on
the firm’s strategic portfolio review.
The executive search firm Odgers Berndtson brought in
Alexander
Thomson, a financial services specialist, as a partner at its
Boston
office and head of its US asset management practice, as it plans
to grow
this business.
Thomson joined Odgers Berndtson from rival recruiter Russell
Reynolds, where he was a managing director in the firm’s asset
&
wealth management, real estate, and endowment & foundation
practices.
Berkshire Hills Bancorp, the Massachusetts-based financial
services
firm, named J Williar Dunlaevy and Barton Raser as directors of
the
company and its wholly-owned subsidiary Berkshire Bank.
Dunlaevy was previously the chairman and chief executive of Legacy Bancorp and Legacy Banks.
The fund management giant Vanguard hired Gemma Wright-Casparius
as a
principal and senior portfolio manager on its fixed income team.
In her new role Wright-Casparius is taking over as co-manager of
the
$36.8 billion Vanguard Inflation-Protected Securities Fund from
Kenneth
Volpert, principal and head of Vanguard’s taxable bond group.
She
reports to Volpert, and will co-manage with John Hollyer, a
principal at
the firm who previously co-managed the fund with Volpert.
TD Wealth, the wealth management subsidiary of Toronto Dominion
Bank,
named Kelly Bekas as PCS corporate trust advisor for the
mid-Atlantic
region.
Bekas joined the company in 2002 and most recently served as
PCS
client services specialist. In her new position, she is based in
the
firm's institutional and corporate trust division in Cherry Hill
and is
responsible for sales, administration, and retaining assigned
accounts,
including bond trustee, bond registrar, paying agents, escrow
agency,
and custody.
Huntington Bancshares, the full-service bank and investment
management provider, appointed Helga Houston as chief risk
officer to
replace Kevin Blakely, who is set to retire by year-end.
Houston brings 30 years of diversified banking experience to her
new
role, where she will specialize in risk management strategies for
wealth
and investment management, corporate and investment banking,
and
commercial real estate finance. Prior to this post, she was a
partner at
Phoenix Global Advisors and held several executive roles at Bank
of
America. She reports directly to Stephen Steinour, the
chairman,
president, and chief executive of Huntington.
Chicago-based HighTower hired Dr Margaret Towle as partner and managing director, effective 16 August.
Towle was previously an advisor with Greycourt, which provides
asset
allocation and investment services for endowments and wealthy
families.
She joined Greycourt in 2008.
BNY Mellon created a new role at its wealth management unit,
bringing
in former JP Morgan exec Paul Sari to develop a national sales
strategy
to reach high net worth clients within the firm's institutional
arm.
Sari, who has been appointed head of institutional client
development
and opportunity management within BNY's wealth business, will
oversee
lead-generation efforts across the US. Sari returns to BNY Mellon
from
JP Morgan, where he latterly managed business development and
client
management for one of the Wall Street firm's institutional
business.
Bermuda-based Butterfield added Victor Dodig to its board of
directors, replacing John Orr as one of the Canadian Imperial
Bank of
Commerce’s two representatives on the 12-strong board.
Northern Trust brought in Jason Tyler to lead corporate strategy,
as
Caroline Devlin, who previously held that role, is moving to join
the
firm’s Personal Financial Services business.
Tyler will join the firm on 6 September from Chicago-based
Ariel
Investments, where he was director of research operations and a
member
of the investment committee. He will report to Northern Trust’s
chairman
and chief executive Frederick Waddell.
At PFS, which the firm has been building out lately, Devlin
will
refine the strategic goals as it looks to expands its
international
wealth management business. She will report to PFS president
Jana
Schreuder.
Los Angeles-based Salem Partners, which has both investment
banking
and wealth management operations, brought in Rob Santos to its
senior
wealth management team.
Santos has been appointed director of development and client
relations of Salem’s wealth management group, as well as its SW
Contego
Fund, a fund of hedge funds. The role is a new one at the firm
and marks
an expansion of the wealth management group. Santos joined from
JP
Morgan Securities.
Minneapolis–based White Oaks Wealth Advisors and Intrinzia
Family
Office, which White Oaks acquired early this year, promoted Cyndi
Castle
to vice president of family office services.
Castle was previously the director of client services for
Intrinzia,
which is run as an independent business unit. In this new
position, she
manages the family office service relationships and
communications, and
provides investment oversight services.
Russell Reynolds Associates, the international executive search
firm,
promoted Renato Furtado as managing director of its Sao Paulo
office.
Prior to joining Russell in 2007 he was a director at Citigroup,
where
he served for 12 years within the capital markets and banking
divisions.
SunTrust Banks named Brad Dinsmore, formerly of Citigroup, as
executive vice president of consumer banking and private
wealth
management.
Dinsmore was previously the head of US retail banking at
Citigroup.
At SunTrust, he will be based in Atlanta, reporting directly to
CT Hill,
corporate executive vice president and head of consumer banking
and
mortgage. Dinsmore will oversee the retail banking, card,
consumer
lending, consumer product, and private wealth management
businesses. He
will also work closely with Rilla Delorier, the chief marketing
officer,
and Tom Kuntz, head of geographic banking.
SEI hired Brent Wilkins as head of asset management distribution
for
its Canada office. Wilkins is charged with developing and
maintaining
SEI’s distribution network to reach asset targets, as well as
presenting
the firm’s services to partners, and delivering on its strategic
sales
plan.
This is a newly-created role at the firm, demonstrating its commitment to the Canadian market.
Wilkins joined SEI in Canada from RBC Dexia Investor Services,
where
he oversaw sales and relationship management for the Americas.
Advisor Partners, the investment advisory firm owned by
Advisor
Software, brought in Daniel Kern from Charles Schwab
Investment
Management as president.
He was appointed to oversee a number of functions such as
investment
management, sales and client service, and investment strategies.
In this
role he replaces former president Dennis Clark, who has left the
firm,
and reports directly to Andrew Rudd, chairman and chief executive
of
Advisor Software.
Kanaly Trust, the Houston-based wealth management and trust
services
provider, appointed Nolan Lehmann to its board of directors.
Lehmann is currently a director of Republic Services and has
also
served on the boards of NYSE- and NASDAQ-listed companies. He
joins
incumbent board members Eugene Schwinger, H Michael Tyson, and
Edward
McCullough.
Baird added eight wealth professionals to its Salt Lake City
branch.
Five of the advisors are from Morgan Stanley Smith Barney, namely
Fred
Wheeler, Jan Bayle, Alex Wheeler, Barbara Campbell, and Jery
Mariani.
Together they manage over $250 million in client assets. The five
join
as senior vice presidents and financial advisors.
The other three new joiners to Baird are Melissa Clayville as
a
registered client relationship specialist, Christie Siddoway as
a
registered client relationship associate, and Scott Ulbrich as
a
financial advisor associate.
WTAS New York, part of one of the largest independent tax
advisory
firms in the US, added former Ernst & Young partner Kenneth
Zemsky
as a managing director in the state and local tax group.
Zemsky
specializes in multistate corporate and personal income
taxes,
concentrating on New York and New York City tax law.
Pennsylvania Trust, the US investment management and trust
company,
appointed Peter Johnson as senior vice president to lead the
guardianship and special needs trust unit.
Johnson stepped in from Heckscher, Teillon, Terrill and Sager,
where
he specialized in special needs trust and guardianship planning,
estate
planning for high net worth individuals, and trust and estate
administration. In this new position, he will be working with
special
needs individuals, with a focus on estate and financial planning.
He is
joined by Sheila Gibson as vice president. Gibson was previously
a vice
president for the special needs trust and guardianship arm of
PNC's
wealth management division.
Genworth Financial Asset Management appointed Sean Curley as
senior
vice president and product specialist for the investment
management
unit. Curley was previously a portfolio specialist at
Hartford
Investment Management Company. He is a chartered financial
analyst.
BNY Mellon named Diego Folina as country executive in Mexico.
Folino
joins the company from Standard Chartered Bank, where he served
in a
number of senior management positions, including as president and
chief
executive of private banking in the Americas and as CEO and
country
representative in Mexico.
In his new role, Folina will oversee the direction and expansion
of
the firm's local capabilities across all business lines in the
country.
He reports directly to Rene Boettcher, the firm's chairman for
Latin
America.
Wealth manager Baird added veteran advisor team The Capuano Bulter Group to its Denver wealth management office.
The team comprises N Dominic Capuano and Timothy Butler, who
will
both function as senior vice presidents. In addition to his
advisory
role, Butler will also serve as associate branch manager of the
Denver
office. Prior to the hire, the duo were financial consultants
with
Charles Schwab's private client group.
Wilmington Trust added a team of business development
professionals
to its Delaware corporate client services headquarters in a bid
to
bolster its retirement services offering.
Effective immediately, Stephen Johnson and Eric Mull step
into
newly-created positions to provide support to the firm's
existing
network of financial advisors and third-party administrators to
deliver
trust services to selected plan sponsors.
Prior to the appointments, both worked for NADART, where Johnson
was a
director of business development and client service and Mull was
a
senior retirement services consultant.
Classic Wealth Advisory, the custom wealth strategies division
of
Raymond James and Associates, appointed Sandy Chambers as
financial
advisor for its Chattanooga office in Tennessee.
Chambers spent the last seven years as head of the trust
department
for FSGBank. Prior to that, she was part of the trust department
of
Pioneer Bank/First American Bank/AmSouth Bank for 12 years.
TD Wealth, a subsidiary of TD Bank, appointed John Strickland as
vice
president, private banking officer for its Charleston, South
Carolina
branch. Strickland was previously a wealth manager at the likes
of
SunTrust, BB&T, and Wachovia.
Wilmington Trust hired Kirk Mooneyham as vice president and managing director of its captive management services business.
Mooneyham stepped in from Beecher Carlson, where he served as
vice
president of captive services overseeing a group of 50 captive
insurance
firms in various US locations. At Wilmington, he will look over a
team
of captive management professionals in various jurisdictions. He
will be
based in Colorado and report to Richard Klumpp, president,
chief
executive, and division manager of Wilmington Trust SP Services.
UBS Wealth Management Americas added 11 new financial
advisors
totaling $1.2 billion in assets under management and $9 million
in
revenue to its stable.
Joining from Morgan Stanley in Washington DC is the team led by
Jason
Chandler. The group is composed of Frederick Schultz, Lloyd
Seested,
David Andreadis, Richard Haskin, Eric Teichberg, and Karen
Ben-Shlaush.
Together, they have $6 million in T12 and $659 million in AuM.
They
report to Rod Von Lipsey, the manager for UBS' private wealth
management
unit.
Stepping in for the Denver Tech Center are Dennis Dougherty and
Bryan
White, both from Wells Fargo. The duo has a T12 of $1.1 million
and AuM
of $120 million. They report to John Lester, the complex
director.
Completing the list of new hires are Linda Gelson, as first
vice
president of investments for the Stamford office, John Perillo,
for the
Troy office, and Randolph Byrd, for the Centerville office.
Gelson and
Byrd are from Morgan Stanley, while Perillo is from Mercer Allied
Co.
Opes Advisors, the California financial services advisory firm,
added
mortgage advisor Ahmad Ghavi to its Palo Alto office. Ghavi
brings over
25 years of experience working with individuals and families in
the
Silicon Valley area.
New York-headquartered Rockefeller Financial hired Jeffery Moy as head of private equity effective 1 August 2011.
Moy was previously a senior managing director at Liberty
Mutual
Investment Advisors, where he specialized in alternative
market
portfolios. In his new role, he will be responsible for
overseeing
Rockefeller's private equity and venture capital program,
including the
selection and review of third-party managers.
Lincoln Financial Advisors, the financial planning division
of
Lincoln Financial Group, named Jeremy DiTullio as managing
principal of
its offices in Cleveland and Akron.
DiTullo previously worked at Ameriprise Financial and New
England
Financial. At Lincoln, he is responsible for the growing the
advisory
unit in the said territories.
City National Bank, the wholly-owned banking and trust unit of
City
National Corporation, named Andrea Scalisi as senior vice
president and
team leader for private client services in New York.
Scalisi joined from US Trust/Bank of America Private Wealth
Management where she spent the last 5 five years working with
high net
worth clients. At City National, she will be handling financial
services
for HNW and ultra HNW clients in the city. She reports to
Robin
Balding, the senior vice president and team manager for private
client
services.
Legacy Family Office, a southwest Florida based multi-family
wealth
office, appointed Erica Frye as executive assistant, having
previously
worked as office manager at Wennsoft, a software integration
firm.
UBS Wealth Management Americas nabbed four Merrill Lynch advisors with combined assets under management of $800 million.
Margaret Lech-Loubet is joining UBS’ Beverly Hills,
California
office, reporting to David Bigler, complex director. She has a
T12 of
$1.1 million and assets under management of $542 million.
Coming to UBS’ Palm Beach, Florida office from Merrill Lynch
are
Adrian Davis De Montluzin, Michael Melnyk and Carolyn Smith. The
team
reports to Philip Jordan, branch manager, and has a T12 of $1
million
and assets under management of $258 million.
HSBC Private Bank named Scott Rosser and Diane Wilson as senior vice presidents, based in Beverly Hills, California.
Rosser most recently served as vice president in the wealth
and
institutional management group at Comerica Bank. Wilson
previously
worked as a senior vice president at US Trust's private
wealth
management team.
At HSBC, both will work with high net worth individuals and
families
and will report to Joanna Lucchesi, regional manager for the US
private
bank for the Southern California region.
Financial Industry Regulatory Authority elected Ken Norensberg
and
Sallie Krawcheck as governors, to begin their terms immediately.
Chicago-headquartered Ziegler appointed Steve Prew to its
Greenwood
Village, Colorado wealth management office. Prew returns to the
firm
after he worked there previously, rejoining from Advisors
Asset
Management where he was first president of client relations.
Morgan Stanley International Wealth Management named Charlie
Mak,
currently head of Morgan Stanley Smith Barney for Asia, as
its
president.
Mak, who started in the wealth management industry 36 years
ago,
reports to Greg Fleming, president of Morgan Stanley’s wealth and
asset
management business.
Mak fills a position that was left vacant for several months
after
Michael Armstrong was put in charge of Morgan Stanley Smith
Barney's
capital markets business in New York.
Rothstein Kass, the professional services firm that caters to
high
net worth individuals and families, promoted three of its
accounting
professionals to principals.
Arthur Brown and Kashif Hussain are now principals based in
Beverly
Hills, while Daniel O'Connor is a principal at the Denver branch.
Brown
is an accounting and audit professional at Rothstein Kass
Financial
Services; Hussain is from the Rothstein Kass Commercial Services
Group,
while O'Connor is from the Financial Services Group.
In other promotions, Henry Jia, from the Financial Services
Group,
and Robert Levin, from the Rothstein Kass Family Office Group,
were made
senior directors at the firm.
Washington Wealth Management continued to strengthen its
network,
appointing Peter Sansevero as branch director for Seattle and
Michael
Ferrante as branch director for San Diego.
Sansevero previously held key compliance and operations roles
at
Merrill Lynch and Morgan Stanley Smith Barney. At Washington he
is
charged with establishing new branches in the region and
recruiting more
advisors to the team.
Ferrante most recently served as branch manager for Morgan
Stanley's
Palm Desert, California office, as well as the San Diego office.
New York wealth manager Fiduciary Trust Company appointed Paul Napoli to its board of directors and audit committee.
Napoli served at US Trust for 25 years before retiring as
vice
chairman in 2008. Prior to that, he was vice president and
portfolio
manager at The Bank of New York.
Threshold Group, the wealth management firm that specializes
in
families and private family foundations, appointed Ronald
Albahary as
chief investment officer.
Albahary was previously the CIO at Convergent Wealth Advisors and
has
held leadership roles at the likes of Schroder Investment
Management,
SEI, and Merrill Lynch. He succeeds Ernie Ankrim, who served as
interim
CIO after retiring as chief investment strategist at Russell
Investments
early this year.
Citizens Republic Bancorp, the Michigan-headquartered bank
holding
company, announced the retirement of Peter Ronan as executive
vice
president and wealth management division head, effective 31 March
2012.
Ronan joined the company in October 2007.
Taking over his position is Kenneth Duetsche, who became the
executive vice president and director of the wealth unit
yesterday.
Prior to this new post, Duetsch was senior vice president and
chief
investment officer for the firm.
Citisoft, the Boston-based systems consultancy for investment managers, named Roberta Moore as a director.
Moore is an investment management technology veteran, having been
a
senior leader of operations and technology departments for
firms
including Invesco, Columbia Management, and Scudder, Stevens
&
Clark. Most recently she worked as an independent consultant for
a
number of investment managers with strategic reviews and
implementation
programs underway.
HighTower brought in a new advisor team to strengthen its US network.
The Pagnato Karp Group, composed of Paul Pagnato and David
Karp,
joined the company on 29 July as managing directors and
partners.
Pagnato previously served on the Merrill Lynch advisory board.
Karp also
used to work for Merrill Lynch, with a focus on investment
policy
strategies and customized client portfolios.
Credit Suisse appointed Barbara Reinhard as managing director and chief investment strategist for private banking Americas.
Reinhard joins from OppenheimerFunds, where she served as senior
vice
president and head of investment communications. In her new role
she
reports directly to Stewart Brenner, the head of PB Americas
wealth
management solutions.
First Republic Bank hired Nga Nguyen as a relationship manager
for
its San Diego branch. Nguyen previously was the vice president
for
wealth management and private banking at Comerica Bank in San
Diego and
had worked at Wells Fargo and NationsBank prior to that.
Fogel Neale Partners hired Michael Markiewicz as a partner to
serve
the financial planning needs of couples in same-sex marriages
under its
advisory arm, Fogel Neale Wealth Management.
The announcement comes shortly after New York became the sixth
US
state to legalize gay marriage in June 2011. Prior to Fogel
Neale,
Markiewicz held key positions at Deloitte & Touche and CBIZ
MHM
Family Office Services.