U.S. Trust plans on hiring over 200 people in 2010 in order to expand its wealth management team.
On Thursday U.S. Trust, Bank of America Private Wealth Management, an affiliate of the Global Wealth & Investment Management (GWIM) unit of Bank of America [BAC], announced that Grant Boyd had been named market executive in Greater Atlanta. Boyd previously worked at The Private Bank of Wells Fargo, where he was a senior vice president and private banking manager for the Southeast region. In his new role he will oversee the direction and growth of U.S. Trust’s relationships with high- and ultra-high-net worth individuals and families.
“Atlanta is an important market for U.S. Trust, and there is growing demand for the services and solutions we provide to a diverse group of clients --from individuals representing generations of Atlanta’s wealthiest families to Atlanta’s many highly successful, high-net-worth individuals and entrepreneurs,” said Boyd.
In addition, Marianne Calabrese, an attorney and tax law expert, is joining U.S. Trust from the tax, trusts and estates practice of Windels Marx Lane & Mittendorf, LLP in New York. Calabrese will report to Chris Heilmann and will provide financial planning, tax consultation, trust and estate planning as well as fiduciary services, philanthropic advisory services and specialty asset management to individuals and families with more than $3 million in investable assets, according to the company’s press release.
A spokesperson for the company said it is planning on hiring more than 200 people this year in order to deepen its wealth management team. U.S. Trust is responsible for $308 billion in client assets and employs more than 4,000 professionals in 140 offices in 32 states, the company said.
A number of strategic new hires already took place in the first quarter, including Karen Reynolds Sharkey, who joined U.S. Trust from J.P. Morgan as New York Market Executive. U.S. Trust also hired two private client advisors: John Rogers who came from Brown Brothers Harriman and Jill Fopiano who came from Citi. The firm also brought on Jenny Ning in Seattle, who previously worked at HSBC.
“U.S. Trust continues to make strategic hires in key markets such as Atlanta and New York, building out our leadership presence and adding top wealth management talent to our team,” said Keith Banks, President, U.S. Trust. “Meanwhile, new and proposed laws have significantly increased the complexity of tax, trust and estate planning for wealthy individuals and families. In response to our clients’ needs, we have not only expanded the number of wealth management professionals over the past year, but we have brought on people with news skills and expertise.”