North Carolina-based banking corporation BB&T hired seasoned wealth management executive, David Fisher, to be in charge of its wealth management business which has more than $10 billion in assets under management.

Mr Fisher was senior managing director of the Private Banking Division of Bank of America before he left two years ago to serve as chief operating officer of a software development firm.

Mr Fisher will be in charge of a business unit that targets clients with at least $1 million in assets to invest or at least $5 million in net worth in 27 regional teams across 11 states including the Carolinas, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Georgia, Florida, Alabama, Indiana and Washington, DC.

BB&T created its wealth management division in July 2003 to combine its personal trust and private financial services areas.

According to the firm, the division serves as a one-stop provider of five primary services: financial advice, investment, fiduciary, insurance and traditional banking.

Mr Fisher spent 21 years at Bank of America, according to the firm, including 10 years as senior managing director of the Private Banking Division.

Overall BB&T is America’s 11th largest bank with $127.6 billion in assets.