STREET MOVES: Bank Of America's US Trust Hires Wealth Managers

Date : 06/08/2010 @ 4:46PM
Source : Dow Jones News
Stock : Wilmington Trust Corp. (DE) (WL)
Quote : 4.45  0.0 (0.00%) @ 2:05AM

STREET MOVES: Bank Of America's US Trust Hires Wealth Managers

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Bank of America Corp.'s (BAC) U.S. Trust unit appointed six senior-level wealth managers, including new hires from U.S. Bancorp (USB), Citigroup Inc. (C) and Wells Fargo & Co. (WFC), expanding its presence in several key regions.

The new hires, all filling newly created positions, join U.S. Trust, nearly three weeks after the firm said it plans to hire more than 200 new bankers and advisers this year.

The Charlotte, N.C. banking giant's ultra-high-net-worth business hired Tom Finney from Wilmington Trust as Baltimore market director. Finney, a 25-year industry veteran, will report to U.S. Trust Managing Director for the Mid-Atlantic region, Gary Gore.

Prior to joining U.S. Trust, Finney worked at Wilmington Trust Corp. (WL) for eight years.

U.S. Trust also bolstered its San Diego operations, naming U.S. Bank veterans Jan Carmen to be a private client adviser, while Kevin Hilderman was named private client manager.

"These two associates bring the number of top advisers U.S. Trust West Division has hired this year to nearly 20," West Division Executive Thong Nguyen said in a statement.

Other new hires include Kevin Ta from Wells Fargo Private Bank as a market trust director and Ned Muskie as a private client adviser in the Washington, D.C., Maryland and Virginia market.

Additionally, Susan Gumbiner joined U.S. Trust in Houston as a senior portfolio manager. Previously, she worked at Citigroup for more than four years, most recently as a director and investment strategist.

U.S. Trust, part of Bank of America's Global Wealth & Investment Management unit, reported $309 billion in client balances as of the end of the first quarter, up 4% from a year ago. As of March 31, the firm had 140 offices in 32 states and 2,197 client-facing professionals, down slightly from 2,226 a year ago.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173;


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