U.S. Trust Looks to Expand

As U.S. Trust continues pursuing its mission to expand its leadership position in wealth management and enhance its business with ultra-high-net worth clients, the firm announced on Tuesday that it appointed five senior-level wealth management experts to key markets across the U.S.

U.S. Trust, Bank of America Private Wealth Management, an affiliate of the Global Wealth & Investment Management unit of Bank of America [BAC], plans on hiring over 200 people in 2010 in order to expand its wealth management team, a spokesperson said. U.S. Trust is responsible for $308 billion in client assets and employs more than 4,000 professionals in 140 offices in 32 states, the company said in a press release.

On Tuesday U.S. Trust announced that Tom Finney has been named as Baltimore market director; Jan Carmen as a private client advisor and Kevin Hilderman as a private client manager, both in San Diego. In addition, Kevin Ta joins as a market trust director, Ned Muskie as a private client advisor in the Washington, D.C., Maryland and Virginia markets; and, Susan Gumbiner as senior portfolio manager in Houston.

Finney joins U.S. Trust from Wilmington Trust, where he spent the last eight years as a managing director of the Baltimore office he helped launch in 2002.  Finney will report to Gary Gore, managing director for the Mid-Atlantic Region. 

Carmen has been appointed senior vice president and private client advisor for San Diego, while Hilderman was named vice president and private client manager for San Diego.  Both joined U.S. Trust from U. S. Bank. “I’m very enthusiastic about California and growing our market here,” said Thong Nguyen, West Division Executive for U.S. Trust. “While California has had its challenges, it is still the largest economy in the U.S. and that is why our clients continue to work and do business here. U.S. Trust is expanding rapidly in the West by hiring top talent.  These two associates bring the number of top advisors U.S. Trust West Division has hired this year to nearly 20.”

Ta has been appointed market trust director for the Greater Washington region, including offices in McLean, Va., Washington, D.C., and Chevy Chase, Md. Ta joined U.S. Trust after spending ten years with Wells Fargo Private Bank and its predecessor, Wachovia Trust, in Virginia, where he was senior vice president and senior trust and fiduciary specialist.

Muskie, a senior vice president and private client advisor,  is responsible for providing personal, customized solutions and services to high-net worth individuals, families, and foundations  in the Washington, D.C., Maryland and Virginia market. Muskie joined U.S. Trust in April 2010 and has over 25 years of experience in the financial industry through positions at HSBC Bank, Wachovia Bank and Riggs National Bank. 

Gumbiner, a senior portfolio manager, brings more than thirty years of industry experience to her new role at U.S. Trust in Houston.  She was director and investment strategist at Citi, she advised wealthy individuals, families, endowments and foundations on the design and implementation of customized investment policies, strategic asset allocation, and strategic portfolio management. 

Last month, U.S. Trust hired Grant Boyd, as a market executive in its Greater Atlanta office in order to expand in that market. A number of additional new hires already took place in the first quarter, including Karen Reynolds Sharkey, who joined U.S. Trust from J.P. Morgan as New York market executive. U.S. Trust also hired two private client advisors: John Rogers who came from Brown Brothers Harriman and Jill Fopiano who came from Citi. The firm also brought on Jenny Ning in Seattle, who previously worked at HSBC.

Keith Banks, the president of U.S. Trust, said in a press release last month that new and proposed laws have increased the complexity of tax, trust and estate planning for wealthy individuals and families: “In response to our clients’ needs, we have not only expanded the number of wealth management professionals over the past year, but we have brought on people with news skills and expertise.”