Atlantic Trust, the private wealth management division of Invesco, expanded the roles of Managing Directors Sid Queler and Bruce Katz as it experienced record growth of about $1 billion in net assets under management. Queler has been promoted to National Director of Business Development; Katz has been promoted to Director of Strategic Alliances.
In his new role, Queler will oversee business development planning and initiatives for the firm. He will also play a key role in its recruiting efforts for new business development professionals.
Katz will strengthen existing relationships and develop new opportunities for business alliances with external firms to promote further growth. Both Queler, based in Boston, and Katz, in New York, will continue to drive the business development efforts in their respective offices. “As we begin the New Year, we are redoubling our focus on growing Atlantic Trust and engaging our clients, prospective clients and intermediary referral sources,” said Jack Markwalter, chairman and CEO, in a press release. “Our commitment to a fiduciary culture, high-touch client service and investment excellence clearly resonate in the marketplace... We’ve had 15 consecutive quarters—more than 3 years—of growth, with record flows last year, and we expect this momentum to continue in 2011.”
A year ago, On Wall Street reported that Invesco’s decision to keep Atlantic, even while many large money managers were divesting their trust units to focus on core businesses, was paying off. It had been a record year for the trust company as it attracted $400 million of new assets. In the fourth quarter of 2009, it had completed its 11th consecutive quarter of positive net flows.
Atlantic Trust’s growth can be attributed to its model, Markwalter said at the time. The company targets wealthy investors with more than $10 million in assets. He said the average client has between $10 million and $20 million in assets. And to continue adding assets, Markwalter said Atlantic Trust must continue to improve customer service.