Mellon Financial Corp. has created a new division within its private wealth management unit that will focus on sales, marketing and client service, naming Craig Sutherland as its vice chairman. Sutherland previously was national director and head of Eastern markets for private wealth management. Lawrence Hughes, formerly private wealth chief operating officer, has been promoted to assume Sutherland's previous job, with the title of executive director.

"Mellon has committed significant resources this year to help us leverage our leadership position in wealth management," said David Lamere, president of private wealth management and Mellon vice chairman. "To take full advantage of this opportunity, it is critical that we have the right infrastructure, both to lead our growth efforts and, even more importantly, to ensure a consistently intense focus on excellent in client service and resource delivery."

As part of this move, Mellon plans to hire more sales and professional staff to work within private banking and to spend more on marketing and technology.

"The next few years will be an exciting time for us at Mellon," Lamere added. "Thanks to the success we've had over many years, and the extra commitment our corporation has made to private wealth," we are now poised for even greater success ahead."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.