Brown Brothers Harriman & Co. has appointed Rafael Febres-Cordero managing director and head of its international wealth management business, in a push to expand its international business. Febres-Cordero is a 20-year veteran of the financial services industry and spent the past 14 years at Fidelity Investments in a variety of positions, including as managing director of Fidelity's private equity division, Devonshire Investors. He was also managing director, Southern Europe & Latin America at Fidelity Investments International.
Before joining Fidelity, Febres-Cordero worked for a international corporate banks in Venezuela. He also served on the boards of mutual fund and pension fund associations in Spain, Italy and Portugal and Fundacion de Estudios Financieros, a think tank focused on the development of capital markets and risk management in Spain.
"Rafael is joining wealth management at a critical time, as we are well positioned to expand our international footprint focused on key regions around the world," said Charlie Izard, partner responsible for wealth management and Febres-Cordero's new boss. "His experience and leadership will help us continue to provide excellent client service to meet the unique needs of our non-U.S. wealth management clients."
Of his new position, Febres-Cordero said, "I believe the client focus and top-tier investment capabilities of the wealth management platform poise the business for growth internationally."
Northern Trust Adds to
Northern Trust has added two salespeople to its Transition Management Services team.
Bill Kincaid will lead transition management sales, distribution and relationship management in North America, reporting to Grant Johnsey, head of Transition Management North America.
Kate Lander has taken a similar role for the Europe, Middle East and Africa, and Asia-Pacific regions. She reports to Simon Hutchinson, head of transition management for those regions.
"These new sales positions, along with new analysts hired in recent months, reflect the growth we have seen in transition management and demonstrate Northern Trust's commitment to this business," said Michael A. Vardas, Jr., managing director of Northern Trust Capital Markets. "As a global custodian and investment manager, transition management is a core business for us. With Kate and Bill on our team, we see great potential for growth in providing the complex transition with customized strategies, superior service and confidentiality that clients expect from Northern Trust."
Kincaid, who has more than 20 years of experience in the brokerage, asset management and asset servicing industry, comes to Northern Trust from BNY ConvergEx, where he was part of the transition management sales team.
Lander has been with Northern Trust for six years, most recently as head of fixed income trading for Global Securities Lending in London.
"The success of our transition management business is built on the quality of our people and we are pleased to add industry veterans with wide experience to these dedicated sales roles," Johnsey said. "Bill and Kate will work with the consultant community and our clients to profile Northern Trust's role as an established leader in the transition management industry."
BoA Adds 80 Advisers
In California, Nevada
Bank of America has hired more than 80 financial advisers for its Merrill Edge unit in the Northwest region, which includes San Francisco, San Jose, Sacramento and Las Vegas.
Company officials said the new hires brings the region's headcount to almost 120 advisers serving so-called "preferred" customers with investable assets of between $50,000 and $250,000. BoA said it's still on track to almost double its adviser ranks to more than 1,000 advisers by year's end.
"These FSAs will provide financial solutions and guidance to help customers manage their banking and investment needs and stay in better control of their finances," BoA said in a statement.
Bank officials officials said BoA already serves more than eight million preferred customers.
"Preferred customers have a unique set of financial needs that often go beyond the typical retail offering," said Linda Shelby, West Coast Division executive. "By placing more Merrill Edge FSAs in banking centers throughout the country, we are better equipped to serve our preferred customers. They have the benefit of personal attention from a specialist who can recommend solutions tailored to meet their specific financial needs."
Citigroup Makes Over
Wealth Management Unit
Citigroup is giving its wealth management business a makeover, announcing last week that instead of referring its bank customers to independent advisers it will expand its own retail brokerage and wealth advisory services.
Citi plans to add at least 30 more advisers over the next year, bringing its total adviser headcount to roughly 300.
Citi has reportedly eliminated the role of investment consultant, a decision that will mean pink slips for 80 employees who were intermediaries between the bank and the registered investment advisors.
"These plans, which were put on hold earlier this year, will no longer be pursued," Citi said in a statement. The bank will help the affected employees to find other jobs within Citi.
The consultants were working in Citibank branches and were part of Citi's goal to grow wealth advisory after divesting its Smith Barney brokerage business. In 2009, former Charles Schwab executive Deborah McWhinney shifted Citi's wealth advisers who weren't part of the Smith Barney divestiture from a commissions-based advisory model to fee-based. Citi offers both options now. MME