People Moves

North America Executive Moves - October 2010

4 November 2010

North America Executive Moves - October 2010

October was a busy month for hires in the North American wealth management industry.

Northern Trust expanded the role of Jeffery Kauffman - president and chief executive of Personal Financial Services in the northeastern US - to include the leadership of PFS in Europe, the Middle East, Africa and Asia Pacific. 

As managing director of PFS EMEA and Asia Pacific, Kauffman reports to PFS president Sherry Barrat.

Kauffman, who most recently focused on the ultra high net worth segment, had served in his US-based role since 2006.  Before that he was president and CEO of the greater New York area from 2003.

BMO Harris Private Banking appointed Rick Thomson as vice president and market leader.

Thomson was latterly vice president and regional director for the Greater Toronto division.

Thomson assumed leadership of a team of 35 who serve clients through the firm’s private banking offices in Halifax, Moncton and St John's.

BNY Mellon Wealth Management hired Henry Martinez as senior advisor for strategic relationships.

Martinez joined BNY Mellon from Northern Trust. Prior to joining Northern Trust, he spent 25 years at United National Bank, where he was executive vice president.

GenSpring Family Offices signed on Matt Pohlman as a family wealth advisor in Chapel Hill, North Carolina. He advises families throughout the Carolinas, focusing in the “research triangle” and Eastern North Carolina.

Pohlman was latterly director of client services for Franklin Street Partners, an investment firm also located in Chapel Hill.

Barclays Wealth hired Michael Burke, former head of Deutsche Bank Alex Brown, the US Private Client Services division of Deutsche Bank, as regional manager of its Washington, DC office.

Prior to Deutsche Bank Alex Brown, he worked at Morgan Stanley for 17 years in several senior sales roles including director of national sales and regional director for the Southern US.

The Madison, New Jersey-based wealth advisory firm Brinton Eaton named Melissa Archuleta assistant director of operations.

Archuleta is responsible for establishing and executing operating procedures, enhancing technology and communication platforms, and liaising with outside vendors in areas such as human resources and purchasing.  She is also responsible for compliance activities, including running annual audit activities and conducting monthly and quarterly compliance reviews.

Stone & Youngberg hired Stephen Collins as senior vice president and New York branch manager for its private client group.

Collins is now responsible for building the firm's high net worth private client operations in the Northeast.

Morgan Stanley elected James Owens, currently on President Obama’s Economic Recovery Advisory Board, to its board of directors, effective 1 January 2011.

Owens was appointed to the President’s Economic Recovery Advisory Board in 2009.

Nuveen Investments appointed Oscar Isoba senior vice president and head of Latin American business development.

Isoba joined Alliance Bernstein, where he will manage the Latin American business. He will report to David Levi, managing director for global business development.

JP Morgan Asset Management has hired Matt Malloy to head its insurance unit for North America.

Malloy joined from Goldman Sachs Asset Management, where he served as managing director in the global insurance group.

US Trust, the private banking subsidiary of the Bank of America, added eight to its wealth management team.

Diane Wakefield and Greg Owens stepped in as private client managers. Wakefield joined from Deutsche Bank's private wealth management unit, while Owens was previously the director of financial planning for Alaska Trust Company.

Also newly hired were Michael Muttart as regional trust executive, Marc Compton as market executive, Jason Foster as private wealth consultant, Marian Howley as private client consultant for Stamford, Connecticut, and Kerby Wallick and Tony Fout as senior portfolio managers for Grand Rapids and Chicago, respectively.

Lord Browne, the former chief executive of BP, was appointed chairman of a newly-created advisory board at Stanhope Capital as the multi-family office prepares for international growth.

Lord Browne chairs a three-person advisory committee in a non-executive capacity. The other two committee members will be confirmed before the end of the year.

WealthPoint, a provider of succession, legacy and life insurance plans for high net worth individuals, named new members to its advisory board.

Robert Boulware, Michael Olsen, Steven Pidgeon, and Paul Walsh make up the four-person team, which the company says will be eventually increased to eight. The board expansion is not set to take place until late next year.

Boulware has been a director for the likes of Gainsco Auto Insurance and a trustee for Met Life Investor Series Trust. He also was the president and chief executive of ING Funds Distributor from 1992 to 2006.

Olsen is presently the chief financial officer, treasurer and corporate secretary for a private real estate firm. He had also worked for 16 years with Bank of America, with a focus on financial analysis, investment management, trust administration, portfolio management, and the like.

Pidgeon specializes in securities offerings, mergers and acquisitions, and recapitalizations, among others, and currently serves as co-managing partner at DLA Piper's Phoenix office. Walsh, a former chairman and CEO of eFunds Corporation, is the owner and CEO of the consulting firm PWM Management

The law firm Thorp Alberga added Richard Mansi - formerly of Royal Bank of Scotland - to its roster of partners in the Cayman Islands.

Mansi has held a number of senior investment banking roles: at RBS he was managing director responsible for fund derivative and related structuring, and before that he worked for Deutsche Bank. Mansi was also a partner at the law firm Maples and Calder, where he was based in London in charge of the firm’s investment funds practice.

Bessemer Trust named Kevin Rochford managing director and head of the firm’s Chicago office. He reports to David McNeel, central region head.

Previously, Rochford was managing director at Nuveen Investments Wealth Management Services in Chicago. Before that, he spent 13 years with The Northern Trust Company, most recently as chairman and chief executive of the western region, where he oversaw 13 offices in three states.

Wilmington Trust hired Karen Bonn as client development officer for its Retirement and Institutional Services unit, part of the firm's corporate client services business.

Bonn joined from GreatBanc Trust Company, where she was senior vice president. Prior to that, she was with BDO Seidman and Grant Thornton.

In her new role, Bonn will lead the RIS business development initiatives with companies offering employee stock ownership plans as part of their retirement programs.

Separately, R Keith Elliott, a board member at Wilmington Trust Corporation, resigned due to medical reasons.

Timothy Vara was named president of Bank of New York Mellon Trust, effective on 1 January 2011.

Vara joined BNY Mellon in 2006 and takes over from Troy Kilpatrick, who was recently appointed head of global business development for BNY Mellon Corporate Trust.

Novato, California-headquartered Bank of Marin opened a loan production office in Santa Rosa which will subsequently become a full service branch, appointing Chris Rosell to provide private banking services from the new base.

Rosell, vice president and private banker for Sonoma County, joined the bank in 2009.

TD Bank, a US subsidiary of Canada’s Toronto-Dominion Bank of Toronto, hired Sean Roy-Becker as a senior private banking officer for its Portland, Maine office.

Roy-Becker was formerly a relationship manager at Key Private Bank, also in Portland.

Merrill Lynch appointed Tom Fickinger as head of financial advisor strategy and strengthened its wealth advisory team with two additional hires.

Fickinger was most recently the managing director of the New Jersey region for Merrill Lynch, a role he will continue in until a successor is found. Fickinger has also been first vice president, head of business development in investor strategies in New York City and head of financial planning in Princeton.

Fickinger reports to John Hogarty and Lyle LaMothe in his new role and he will serve as a member of the USWM executive committee.

The firm also hired Jerome Bookstein and Adam Bornstein from UBS Wealth Management Americas as wealth advisors in Bloomfield Hills, Michigan.

Morgan Stanley appointed Shelley Hanan as chief executive of its private bank, a role which she has undertaken on an acting basis for the past month, and hired Citigroup veteran Mark Connolly for the newly-created position of head of products, also for the private bank.

A 26-year veteran of Morgan Stanley, Hanan has held a number of roles within the firm’s wealth management business, having most recently been chief administrative officer of MSSB.

Connolly, meanwhile, was latterly co-chief executive and chief operating officer of Citigroup’s US private banking unit. In his new role, he will provide private banking products and services to the firm’s financial advisors and clients.

Genworth Financial appointed current senior vice president and chief financial officer Patrick Kelleher as president and chief executive of retirement and protection, as well as executive vice president of the company.

The firm named David Walker senior vice president and CFO of retirement and protection.

Kelleher joined Genworth in 2007. His previous roles include financial leadership and product management positions at Sun Life Assurance Company, Manulife Financial and Transamerica Reinsurance.

Walker was previously at Allianz, where he was most recently senior vice president of group planning and controlling.

A $500 million team from Morgan Stanley Smith Barney's office in Eugene, Oregon left to set up an independent advisory firm.

Sapient Private Wealth Management is headed by managing partner Greg Erwin, along with, Alan Rexius and King Martin - all MSSB veterans.

Standish Mellon Asset Management appointed David Leduc as chief investment officer of active fixed income.

Leduc's has worked at the company since 1995 and most recently served as managing director of global fixed income and as senior portfolio manager responsible for overseeing non-US and global bond strategies. Prior to that, he was an investment officer at State Street Bank & Trust.

First Republic Bank appointed Gina Costello as wealth advisor and managing director within its private wealth management division.

Before joining the California-based bank, Costello worked in private wealth management for UBS as a senior vice president, prior to which she worked for US Trust as a senior vice president on new business development.

First Republic Bank hired Silvia Fernandez as a managing director for private banking and Alan Remedios as portfolio manager and managing director in its investment management division.

Wilmington Trust hired Walter Rose as consultant at its Wealth Advisory Services office in Los Angeles.

Rose is a founding partner of Venture Consulting Group, which caters to small businesses and venture capital firms. He is also a founding partner of McBain, Rose Partners, a private equity investment companies specializing in the acquisition of middle market firms.

In his new capacity, he will work closely with the company's business development team for the Southern California market.

Citi Private Bank hired Philip Sharkey as managing director and head of investments for the New York Region.  He now reports to Steve Bodurtha, head of investments, North America.

Sharkey joins Citi from Guggenheim Partners where he was a managing director and head of US portfolio management.

Susan Mucciarone, managing director of Wells Fargo’s East Coast family business, retired on 2 November. A replacement has not yet been named.  

Mucciarone took the reins of Calibre, Wachovia Wealth Management's multi-family office, as managing executive in 2007. When Wells Fargo merged with Wachovia in early 2009 she assumed her last role.

First Western Trust Bank appointed Russel Schmucker as president of its Cherry Creek, Colorado office.

Schmucker was previously managing partner and chief operating officer at Winston Capital.

In his new role he will be handling private banking, wealth planning, trust and investment management services for high net worth individuals, their families and businesses. He also joined the branch’s leadership team.

Genworth Financial Wealth Management hired former Fidelity Investments executive Michael Kim as senior vice president of business and channel development. In his new role Kim will head a new department to support advisors servicing high net worth investors.

Wilmington Trust appointed James Naber - latterly of the New York-based professional services firm Accume Partners - as chief audit executive.

At Accume Naber was a banking practice leader and managing director of the firm’s New England region – a role in which he launched the firm’s Boston office and built a practice advising local banks on issues such as internal audit, regulatory compliance, corporate governance and risk management.

In his new role, Naber will report to the board of directors’ audit committee in order to ensure that audit activities are carried out independently.

The hedge fund company Permal Group hired Marilyn Schaja to the newly-created post of head of US distribution channels, joining from Ivy Asset Management, where she was director of client development.

Schaja began her new role on 4 October. She reports to Joshua Levine, head of institutional markets at Permal.

California-based First Republic Bank hired Silvia Fernandez as a managing director in its private banking unit and Alan Remedios as portfolio manager and managing director in its investment management division.

Prior to joining First Republic, Fernandez worked for Silicon Valley Bank for 12 years, most recently as head of private client services.

Remedios previously worked for First Foundation Advisors, most recently as managing director of fixed income investments. 

Boston Private Financial Holdings has announced that its vice chairman, Walter Pressey, will retire and that executive vice president and chief executive of wealth advisory and investment management, JH Cromarty, left to become chairman of the wealth management consultancy Red Rock Strategic Partners.

Pressey, part of the company for fourteen years, served as president, director, chief financial officer and chief risk officer. He will also retire from the board of directors.

Cromarty will join Colorado-based Red Rock Strategic Partners and his position at BPFH will not be filled.

First Western Trust Bank appointed Harold Pine to lead its DTC Cherry Hills portfolio management team.

Pine most recently served as chief investment officer for the Jess S Morgan Company and previously held executive positions at US Bancorp, Wells Fargo, and UBS.

Stepping in as associates are Rita Ku, Deanna Tam, and Jacqueline Mak, who also join through Facey & Co.

Hartford Financial Services appointed Don MacQuattie to the newly-created post of vice president and director of retirement plans for education, healthcare, and tax-exempt organizations.

MacQuattie was a vice president and director of strategic relationships for the Retirement Plans Group. In his new post, he reports to Sharon Ritchey, executive vice president and director of the group.

MacQuattie's previous duties will be handled by existing staff. He will not be replaced.

BlackRock appointed Chris Leavy to the newly-created position of chief investment officer of US Fundamental Equity.

Leavy was most recently CIO of equities at OppenheimerFunds.

In his new role he will be responsible for overseeing BlackRock's $150 billion US-based fundamental equity business and will report to Quintin Price, global chief investment officer for fundamental equity.

Northern Trust appointed William Buccella as president of Northern Trust Bank of Massachusetts.

Buccella was most recently managing director and northeast sales performance executive for US Trust, Bank of America Private Wealth Management.

Buccella replaced Lee Woolley. Named director of advisory services at Northern Trust, Woolley is now based in Chicago.

Yakub Mathew was hired by Citi Private Bank in New York as managing director and private banker based in New York City to focus on South Asian clients. He reports to Charles Merrill, New York regional executive for Citi Private Bank.

Mathew joined from HSBC in New York where he had been the national head of South Asian banking since 2002.

United Capital of Texas appointed Mark Shepherd as a wealth advisor.

Shepherd was latterly a senior financial advisor at the global wealth and investment management group of Merrill Lynch.

Citi Private Bank in Chicago hired David Moore and Thomas Payne as director and private banker respectively.

Moore stepped in from JPMorgan Private Wealth Management, while

Payne was most recently a managing director at Harris myCFO.

Northern Trust named Lee Woolley director of advisory services, reporting to Charlie Mueller, wealth advisory services leader.

Previously, Woolley served as president of Northern Trust Bank of Massachusetts in Boston.

Washington Trust hired Ann Nagle as vice president and trust officer of its wealth management area's new group insurance trust division.

Nagle joined from BankNewport in Middletown, Rhode Island, where she was vice president and manager, group insurance trusts.

Nashville Bank & Trust named Andrew May as its new chief financial officer.

UBS Wealth Management Americas added two advisors to its Manasquan, New Jersey office.

Richard Hausler and Lawrence Jay joined from Morgan Stanley and now report to Matthew Wojcik, branch manager.

Susan King Riechel joined First Foundation Advisors as managing director of fixed income investments.

Riechel was most recently the managing director of fixed income at Covington Capital Management in Los Angeles.

Cedar Brook Financial Partners named Frank Legan as its newest partner.

Prior to joining the Ohio-based wealth management firm, Legan was a financial advisor in the private client groups at Merrill Lynch and National City/PNC Investments.

Merrill Lynch Wealth Management added three new advisors to its team: Christine Heim, Michael Lehman and Louis Cappitelli. Heim and Lehman both come from Wells Fargo Advisors and will be based in Florham Park, New York. Cappitelli, based in Juniper, Florida, steps in from Morgan Stanley Smith Barney.

Morgan Stanley’s private wealth management arm appointed Pavlos Bailas as its new head of its Europe, Middle East and Africa region, following the departure recently of Alexander Classen from the post.

Bailas, who had been an investment advisor in Zürich since joining Morgan Stanley in 1992, also joined the International Wealth Management executive committee and the Morgan Stanley EMEA operating committee. 

Avondale Partners appointed David Morris as vice president, financial advisor.

Morris stepped in from ChurchStreet Advisors, which he founded in 2006, and where he assisted high net worth clients with asset allocation and investment strategies.

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