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.

Summit portfolio managers Diane Allard and Michael Huxley followed Garip to Commerce and will manage the firm's institutional and high-net-worth assets.

The additions are part of a larger effort to expand the company's 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.

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