U.S. Trust and Atlantic Trust this week both added to their ranks with new hires, bringing on senior management talent that came from some of the industry’s most recognized names in wealth management.
Continuing the expansion of wealth management teams in its East, West and Central divisions, U.S. Trust added five senior wealth managers in San Francisco; Portland, Ore.; Seattle; Houston; and Richmond, Va. The regional expansion reflects U.S. Trust’s plan to better meet ultra-high net worth clients’ needs in key U.S. markets, the firm said in a news release on Tuesday.
The appointments, all at the level of senior vice president, include: Therese Murphy Firestone, private client advisor, San Francisco, formerly a managing director with Smith Barney; Michelle Castano Garcia, private client advisor, Portland, Ore., formerly a senior relationship manager with Washington Trust Bank; Joel Petersen, Seattle, formerly a vice president with Bernstein Global Wealth Management; Belinda Phelps, private client advisor, Houston, formerly a director with Citi Private Bank; and Lloyd Conley Jr., senior trust officer, Richmond, formerly a Region Trust Advisor with SunTrust Bank Private Wealth Management.
“Over the past 12 months, we have added an incredible amount of talent to the U.S. Trust team,” said Keith Banks, president of U.S. Trust, Bank of America Private Wealth Management, in a statement. “Our new team members are energized about the power of our platform and how it can help them to better serve our clients.”
U.S. Trust is part of the Global Wealth & Investment Management (GWIM) unit of Bank of America. Responsible for $308 billion in client assets, the firm employs more than 4,000 professionals and has 140 offices in 32 states.
From its Atlanta headquarters, Atlantic Trust, the private wealth management division of Invesco Ltd. also on Tuesday announced that Richard O. Vandenberg Jr. has joined the firm as managing director and head of the firm’s San Francisco office.
Vandenberg joins Atlantic Trust from Bessemer Trust, where he was a managing director for that firm’s San Francisco office. Prior to his tenure at Bessemer, Vandenberg was a senior vice president and wealth advisor for the Private Client Group at Merrill Lynch & Co. Previously, he spent more than 16 years with Goldman Sachs & Co., working with ultra-high net worth individuals and families.
“Rick is a veteran of the wealth management business with more than 29 years of experience working with the ultra-affluent,” said Atlantic Trust Chairman and CEO Jack Markwalter, in a statement. “He will be instrumental in continuing to build our brand and grow our business throughout the Pacific Northwest.”
Atlantic Trust operates in 11 locations throughout the United States and has approximately $17 billion in assets under management as of Dec. 31.