In a move aimed at bolstering its wealth management business, Commerce Bancorp announced yesterday that it has hired a new CIO and two portfolio managers from Summit Bancorp, a subsidiary of FleetBoston Financial.
Fernando Garip will serve as CIO of Commerce Capital Markets, the investment management arm of Commerce Bancorp. Prior to joining Commerce, Garip served as a senior VP with Summit where he oversaw $4 billion in personal and institutional assets.
Summit portfolio managers Diane Allard and Michael Huxley followed Garip to Commerce and will manage the firms institutional and high-net-worth assets.
The additions are part of a larger effort to expand the companys wealth management business, Garip said. Currently, Commerce Capital Markets wealth management group has about $700 million in assets under management, he said. The company hopes to double that amount within a year.
The firm currently offers individually managed accounts to institutions and high-net-worth individuals but will likely add a line of mutual funds in the coming year, Garip said.