Bank One Corporation of Chicago has announced the formation of a new business unit designed to consolidate the company's high-net-worth business. Peter Atwater, the current chief operating officer of Banc One Investment Advisors, also of Chicago, was named chief executive officer of the unit.
Private Client Services will offer separate accounts, private banking services, tax management strategies, unique credit structures, financial and estate planning, trust services and specialized insurance services, said Julie Kruthers, a company spokesperson. The formation of the new unit is part of an effort to offer a comprehensive product line to the firm's high-net-worth clients by consolidating products offered by the firms' various business units, she said.
As chief operating officer of Banc One, Atwater oversaw the management of $130 billion in assets, including $67 billion offered in One Group mutual funds, according to the firm.