People Moves

Summary Of Industry Moves In The Americas: March 2016

Eliane Chavagnon Editor - Family Wealth Report April 13, 2016

Summary Of Industry Moves In The Americas: March 2016

Here is a summary of all the industry moves covered by Family Wealth Report last month.

US Trust named Paul Reilly as managing director and division executive of the central-north region, which includes Illinois, Michigan, Missouri and Minnesota. Based in Chicago, IL, Reilly will report to US Trust's president Keith Banks and lead a team of private client advisors, portfolio managers, wealth strategists and trust officers.

He replaced Tim Maloney, who has retired. The central region was split between central-north and central-south; Mark Benson now leads central-south. Reilly was previously managing director and head of the central region at Bank of America Merrill Lynch, overseeing the distribution of equity, debt and futures products to institutional clients throughout the Midwest. Earlier, he was head of emerging market sales for the US and Latin America at Merrill Lynch, based in New York.

First Republic Bank welcomed financial advisors Jim Marchetti and Caleb Porter at its headquarters in San Francisco, CA. Marchetti and Porter, who were both named managing director and portfolio manager, previously worked at Merrill Lynch. They have 40 and 12 years of industry experience respectively.

Thirty-year Merrill Lynch veteran Greg Achten is joining UBS Wealth Management Americas on April 18 to lead its Cincinnati, OH, complex. He replaces Troy Debord. Achten spent the last two years as managing director of Merrill's Boston, MA, complex, with offices in downtown Boston, Andover, Beverly, Cambridge and in the Back Bay. He began his career in 1987 in an operations management training program in Cincinnati.

The Rand Group joined HighTower from Morgan Stanley, focused on serving small business owners in Hawaii and California. The team manages $200 million and is dually located in Newport Beach, CA, and Maui, HI. The team consists of managing directors and partners Paul Rand, Joel Rand and Sarah Minakary, as well as Christina Wolfe, director of client service and operations, and Karie Haider, manager of client service. The group is HighTower’s first team in Hawaii.

Morrill & Janes Bank and Trust Company, a division of Heartland Financial USA, recruited Ashley Toma as private client services market leader. Her primary responsibility will be to lead the firm’s private client services offering in the states of Missouri and Kansas. Toma has spent most of her career as a business sales manager at US Trust, responsible for 17 advisors throughout the Midwest.

NorthStar Financial Services Group, the Omaha, NE-based holding company for several financial services subsidiaries, appointed Jon Baum as its new executive chairman. Baum was previously chairman and chief executive of The Dreyfus Corporation, which is a subsidiary of BNY Mellon. Before Dreyfus, Baum was president and chief operating officer at Scudder Investments, a division of Deutsche Asset Management, having spent nearly 20 years at UBS Financial Services, where he led sales, professional development, advisor recruiting and human capital.

Diversified Trust appointed Mark Bell as a principal, based in Atlanta, GA. Bell was previously chief investment officer at BlueArc Capital Management, an alternative asset manager focused on family offices, where he remains a director.

Evercore Trust, which provides fiduciary services, investment management and trustee services, hired Lori Bostrom as a managing director in New York. Bostrom was most recently senior vice president and deputy general counsel at OppenheimerFunds. She has over 30 years of legal and Employee Retirement Income Security Act experience, focused on the financial services industry. Her previous experience includes roles at Prudential Financial and The Guardian Life Insurance Company of America, as well as six years of private practice.

BlackRock Asset Management Canada appointed Kurt Reiman as chief investment strategist. Reiman joined BlackRock in 2013 as a global investment strategist. He was previously head of thematic research at UBS Wealth Management in Zurich and New York.

Atlantic Trust made three promotions in preparation for the retirement of Linda Beerman, head of wealth strategies and chief fiduciary officer. Beerman, who has been with Atlantic Trust for 15 years, has served on the firm's operating committee. She will continue working with Atlantic Trust in an advisory role.

Managing director Paulina Mejia was named head of wealth strategies. Mejia joined Atlantic Trust in 2011. Gabrielle Bailey, who has been with Atlantic Trust since 2003, was named managing director and chief fiduciary officer, where she will head the trust committee. Last year, she moved from the firm's legal department to the wealth strategies group for the role of director of Delaware Trust Services, a position she will retain. Lastly, managing director Judith Saxe, who also joined Atlantic Trust in 2003, was appointed director of research and education for wealth strategies, a new role created to lead the firm's education initiatives concerning topics in trusts, estates, multi-generational legacy planning among others. She will remain part of the Boston wealth management team.

Windsor, CT-based SS&C Technologies hired former JP Morgan managing director Stephanie Miller as senior vice president. Miller was previously head of JP Morgan's fund administration business. She brings nearly 15 years of experience of running fund administration businesses, having also worked at Citco.

Joao Pedro Reinhard resigned from the board of Royal Bank of Canada, where he served as an independent director since 2000. His resignation came after he was charged on February 23 for the unlawful importation and possession of cocaine under Canada’s Controlled Drugs and Substances Act, according to reports. Reinhard’s term was due to expire next month when the board is up for re-election at RBC’s annual meeting on April 6 in Montreal.

Art expert Judith Pearson joined Atlanta, GA-headquartered Breckenridge Insurance Group as president of the newly-formed Breckenridge Private Asset Management Group. She was previously a founder and president at ARIS, the provider of title insurance for fine art and other collectibles.

Sarasota, FL-based The Otto Group joined HighTower from SunTrust under the leadership of managing director Matt Otto. The team, which manages $320 million in assets, focuses on asset management as well as estate strategies for wealthy investors. Karen Rivot serves as director of operations.

California-based Index Fund Advisors appointed Daniel Chong and Neal Rutter as wealth advisors at its headquarters in Irvine.

Richard Gardiner was appointed chief investment officer of Neuberger Berman Trust Company, an affiliate of Neuberger Berman, taking over from Matthew Rubin, who moved to a separate client-facing role. Gardiner was previously a consultant at Reservoir Capital Group and chief investment officer and co-founder of an independent wealth management firm. In his new role, he works with wealth advisors and trust officers on high net worth individual and foundation and endowment clients. He also leads the firm's investment strategy group and is part of the asset allocation committee.

The former marketing leader at Wells Fargo’s Abbot Downing business, JoAnn Neau, joined Wells Fargo Advisors in that same role. Neau previously led the delivery of marketing and communications strategies for RBC Wealth Management's US business. Abbot Downing confirmed to Family Wealth Report that a replacement for JoAnn was due to be announced soon.

Calamos Investments, headquartered in Chicago, IL, appointed John Koudounis as chief executive. He was most recently president and CEO of Mizuho Securities, USA.

BNY Mellon appointed Carly Neals to the newly-created positon of wealth director within its Pittsburgh office. Neals previously worked at First Commonwealth Bank, where she was senior wealth advisor responsible for new business development for wealth management and trust services.

Bank of America's US Trust has made eight hires across four states. In Los Angeles, Matthew Carrier joined as a private client advisor from HSCB Private Bank and Lilit Parsadanyan joined the as an estate settlement officer from the law offices of Donald P Schweitzer. Reza Golchini joined in San Francisco as a private client manager from Citi Private Bank. In New York, Evan Beard joined as a wealth management consulting executive, having previously worked at Deloitte Consulting as the firm's US art and finance leader, and strategy practitioner, within private banking. Also in New York, Peter Barcia, previously chief investment officer at GM Advisory Group, was appointed as a portfolio manager. In Texas, Carolee Bertrand, previously a senior tax accountant at KHA Accountants and Advisors, and Matthew Kline, previously a commercial banker at JP Morgan Chase & Co, joined as a fiduciary tax accountant in Dallas and private client manager in Fort Worth respectively. In Washington, Jonathan Hommer, formerly an estate planning attorney at Stoel Rives, joined in Seattle as a wealth strategies advisor.

Financial Trust Asset Management, based in Boca Raton, Florida, hired Rick McCall as managing partner, president and co-chief investment officer. McCall previously spent 18 years with Franklin Templeton Investments where was most recently president and director, Franklin Templeton Separately Managed Accounts and CIO, Templeton Separately Managed Accounts.

eMoney Advisor hired financial Edward O'Brien as its new chief executive, replacing Michael Durbin, who remains president of Fidelity Wealth Technologies. O'Brien joined after a 30-year career at Fidelity, where he was most recently senior vice president and head of platform technology for Fidelity Institutional.

Grant Thornton hired Ann Marie Reyher in the newly-created role of managing director within its private wealth services practice in Philadelphia. Reyher was previously a private client services senior manager at EY, where she was in charge of the Philadelphia region.

Manulife appointed Pamela Kimmet to its board of directors and Diana Stockwell to a new position within its asset management arm as head of Latin American sales and relationship management. Kimmet was senior vice president of human resources at Coca Cola Enterprises since 2008 and previously held senior roles at Bear, Stearns & Company and Citigroup. Stockwell was previously vice president and head of Latin American sales and relationship management at State Street Global Advisors. She will report to Frank Saeli, head of distribution for the US and Latin America at Manulife Asset Management.

Cordium, a provider of compliance consulting, software, accounting and tax services to the asset management and securities industry, hired Brad Prodger as vice president of business development, strategic partnerships and distribution channels. Prodger served as vice president of product strategy, investment services, at Fiserv from 2013 to January 2016. Based in San Francisco, he is responsible for developing partnerships with custodians and broker-dealers, as well as industry software vendors to distribute compliance management software and services to registered investment advisor and business development clients.

Atlantic Trust made a senior hire in three states while relocating its headquarters from Midtown Atlanta, GA, to the Buckhead area. Carly Howard joined as a senior vice president and senior wealth strategist in Atlanta; Bret Farris joined as a senior vice president and business development officer in Chicago, IL; and Bradley Fincher joined as a senior vice president and business development officer in West Palm Beach, FL. Howard previously worked within BB&T Wealth’s professional and executive advisory group in Charlotte, NC. Farris, meanwhile, was a senior client advisor at BMO Private Bank and before that a wealth advisor at RMB Capital Management. Fincher was previously a vice president at Bernstein Private Wealth Management, and, earlier, a vice president at America’s Mortgage Broker.

Oyster Consulting hired Natalie Smith, former chief compliance officer and chief operating officer at Mangham Associates, as a senior consultant. Smith joined as part of the firm's growth drive in the investment advisor space, which includes wealth managers, money managers, hedge funds, and mutual funds. She will be based in Richmond, VA.

US Trust appointed Mark Benson to lead its Central South division and to oversee its new art banking initiative. Benson will take on the new role in addition to his current one of West division executive. He will continue to be based in California. In addition, Evan Beard joined the firm as an art executive. He was previously US art and finance leader at Deloitte and strategy consultant within Deloitte Consulting's private banking group for four years.

Diversified Trust hired Kim Garcia from US Trust as principal. Garcia was a wealth planning strategy executive at US Trust. She previously spent five years at First National Bank of Commerce in New Orleans as a personal trust services manager and as a trust tax and operations manager. In her new role, she will be based in Greensboro NC.

Offshore law firm Ogier added Frasier Allister to its private client team in the Caribbean. Allister, who joined as an associate, will work with partner David Cooney on all areas of private client and trust work with a particular focus on the establishment and operation of trust structures and the relocation of individuals and business to the Cayman Islands. Allister previously worked at HBJ Gateley in Edinburgh, UK, where he was an associate in the private client and trust team specializing in inheritance tax and succession planning.

Cornerstone Capital hired Jennifer Leonard as director of manager due diligence within its investment advisory business. Leonard joined from the Caprock Group, where she was vice president of impact investing. There, she helped clients build customized, impact-mandated portfolios. Previously, from 2009 to 2013, she was a Latin America equity research analyst at Morgan Stanley following the telecommunications, media and technology sectors. In her new role, Leonard will be based in New York, reporting to Craig Metrick.

WealthHub Solutions named Jim Marks as its new chief executive. Dick Corl, the previous CEO, is still affiliated with the company, but now as a director and advisor. Marks was most recently president at Fiberlink, FolioDynamix and Keystone Risk Partners.

The founder and chief executive of New York-based RIA Joel Isaacson & Co joined the national board of directors of the National Association of Personal Financial Advisors. The board governs, supervises, controls and directs the affairs of NAPFA. Aside from running his own firm, which serves high net worth individuals and their families across the country, Isaacson is the former chairman, as well as the former president, of the New York Chapter of the International Association for Financial Planning.
Manulife named Nadine Chakar senior vice president, and global head of operations and data management, within its investment division. Chakar was previously executive vice president and head of e-commerce, strategy and research, and financial market infrastructure, at BNY Mellon. She has 27 years of industry experience, having worked across BNY Mellon's Boston, Amsterdam, London and New York offices. Based in Boston, MA, Chakar will report to Tim Deacon, executive vice president and chief financial officer of Manulife's investment division.

FundCount hired Michael Slemmer from SS&C as chief operating officer of the Americas. Slemmer, who has over 30 years of experience in investment technology, was previously director of business development at SS&C. He has also served as principal at The Collaborative, an investment industry consulting firm, and as general manager, North America at Thomson Financial – PORTIA (now Thomson Reuters).

California-based Advisor Software appointed Gitanjali Kumar as senior product manager. Kumar brings more than 15 years of experience in developing technological solutions for financial advisors and investors. She most recently held the position of senior product manager at Fiserv Investment Services, where she oversaw the firm's financial advice management range of products. She also worked at AdviceAmerica, now owned by Fiserv, as a senior financial analyst. In her newly-created position, Kumar will be responsible for managing and developing the firm’s financial planning applications and application program interfaces. She will report to Kevin Kraus, vice president of product management.

Fiduciary Trust Company International hired Steve Brandfield as managing director and business development officer. Brandfield brings over 20 years' experience serving wealthy individuals, having most recently served as managing director at Glenmede Trust Company. He previously held senior positions at Bessemer Trust Company and at UBS's private banking arm. He will be based in New York.

LCG Associates, which serves both private and institutional clients, promoted Amber Stiles to chief compliance officer. Stiles, who joined the firm in 2007, was also appointed to the board of directors. In her new role, she will assume responsibilities previously held by John Burgin, who retains his position as chief financial officer. She will lead LCG's compliance program, including operational due diligence on investment managers.

The man holding the chairmanship of PricewaterhouseCoopers in the US since 2009 takes the helm of chairman for the entire PwC international network from the start of July this year. Bob Moritz takes up the role for a four-year term from July 1. Moritz succeeds Dennis Nally, the current PwC global chairman, who will retire this June after a 42-year career with PwC. 

Custom House Global Fund Services hired Sebastien Sacre as managing director of its Chicago office and John Lumley as head of sales for the Americas. Sacre previously worked at JPMorgan Chase, where he was vice president and office lead in the private equity and real estate services group, managing the fund administration for private equity funds of several clients. Prior to that, he was senior manager within Ernst &Young's audit financial services industry group.

David Kelman, formerly of Convergent Wealth Advisors, joined New York City-based Sontag Advisory as a senior advisor. Kelman specializes in working with families and entities “in transition” including business sales, wealth transfers and separation of family assets. As a managing director at Convergent, he worked with affluent individuals, families and businesses in the greater New York City area. Earlier, he held senior roles at Next Capital Management, Bank of America Merrill Lynch, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette. He has a strong background in M&A, healthcare investment banking and private wealth management, Sontag said.

Standish Mellon Asset Management Company, the fixed income specialist for BNY Mellon Investment Management, recruited Vincent Reinhart as chief economist. Reinhart, who will report to David Leduc, chief executive and chief investment officer at Standish, succeeded Tom Higgins, who passed away late last year. Reinhart was previously chief US economist and managing director at Morgan Stanley and is a visiting scholar at the American Enterprise Institute. He also spent 24 years at the Federal Reserve.

RBC Correspondent Services, the clearing firm for independent broker-dealers, and RBC Advisor Services, a custodian for RIAs, brought in Michael Belkin as a business development manager. Belkin joined RBC from First Clearing, where he led the firm’s expansion in the US Northeast. While at First Clearing, Belkin’s role included forming new partnerships with broker-dealers, representing the firm at various industry conferences, and helping clients with recruiting new financial advisors. RBC confirmed to Family Wealth Report that this is a new role at the firm.

Michael Cabanas re-joined Fiduciary Trust International of the South as head of relationship development in Coral Gables, FL. Cabanas, who worked at the firm from 2006 to 2013, will focus on growing the firm's presence in South Florida, reporting to Gail Cohen, chair and general trust counsel of Fiduciary Trust. Cabanas was previously executive vice president and head of wealth management at Coconut Grove Bank. He has also held senior banking roles at BNY Mellon Wealth Management and JP Morgan Private Bank.

Industry executive and entrepreneur Sallie Krawcheck joined the board of Digital Asset, a developer of distributed ledger technology for the financial services industry. Krawcheck is most known for her time as chief executive at Bank of America Wealth Management, which includes Merrill Lynch Wealth Management and US Trust. She was also CEO and chair of Citi Global Wealth Management, responsible for Smith Barney, Citi Private Bank and Citi Investment Research. Currently, Krawcheck is CEO and co-founder of Ellevest, a digital investment platform for women to be launched in 2016. She is also chair of Ellevate Network, a global professional women’s network, and chair of the Pax Ellevate Global Women’s Index Fund.

The former head of global wealth management at PIMCO joined New York City-based Arena Investors as president of the global investment firm and merchant capital provider. Jon Short spent ten years at PIMCO, most recently in charge of wealth management globally, and head of the New York office. He was previously head of the firm's institutional business group. Before joining PIMCO, Short held senior distribution and portfolio management positions at Fidelity Investments, Putnam Investments and Salomon Brothers. It is unclear if this is a new role at Arena or if Short replaced anyone.

PIMCO confirmed to Family Wealth Report that Eric Sutherland, managing director and head of GWM advisory brokerage, and Doug Ongaro, managing director and head of RIA and bank trust channel teams, will assume the role of interim co-heads of the US global wealth management business.

Baird, the global firm with wealth management among its services, named Alex Bigelow as director of private wealth management in Florida. The firm confirmed to Family Wealth Report that this is a new role. Bigelow, who will be based in Palm Beach Gardens, will oversee Baird’s six wealth management offices in Florida and recruit more advisors in the region. He was most recently a market manager at Wells Fargo in Palm Beach.

US-based Summit Trail Advisors appointed Thomas Harms as chief operating officer, based in New York and in charge of day-to-day business operations, including compliance. Harms joined Summit from Fidelity Investments, where he was a senior vice president in the practice management and consulting group. Before that, he was managing director and global operational risk officer at Morgan Stanley’s global wealth management division from 1986-2011. In his new role at Summit he will report to Jack Petersen, managing partner of Summit Trail Advisors.

FL Putnam Investment Management Company hired Scott Mazuzan as a private client advisor, based in Portland, ME. Mazuzan will provide financial planning services from tax, estate and retirement planning to risk assessment, asset location and portfolio construction. He has worked for the better part of a decade in the financial services industry, having started his personal finance career at Charles Schwab & Co, and was most recently a financial planner at Goldman Financial Planning.

Heartland Financial USA promoted William Callahan to president of Arizona Bank & Trust in Phoenix, effective May 1, 2016. Callahan is currently market president at Dubuque Bank and Trust, having joined the bank in 1998. He began his banking career in Phoenix in 1983, and previously served as vice president of commercial lending at First National Bank of Dubuque. Both Dubuque Bank and Trust and Arizona Bank & Trust are subsidiaries of Heartland, the Dubuque, IA-based community bank holding company. Jerry Schwallier will carry on as chief executive at Arizona Bank & Trust.

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