In a move aimed at bolstering its wealth management business, Commerce Bancorp announced late last month 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.

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