In a move aimed at bolstering its wealth management business,
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.
