The US wealth manager said its recruitment of a team from a private bank is one of the largest such breakaway moves in years.

Fidelis Capital, a wealth management firm, has brought in a team of advisors from Bank of America Private Bank overseeing more than $4.5 billion of client money.

The team of five people, which has launched with an office in Washington DC, includes: 

-- Christopher F Tate, partner, wealth strategist; 
-- Michael J Sellers, partner, portfolio manager; 
-- Benjamin A Hilyard, partner, fiduciary specialist; 
-- Aaron J Wall, partner, portfolio manager; and 
-- Ashley Connor, client service associate. 

"The team represents one of the largest teams of wealth managers to leave a private bank in recent history,” Fidelis said in a statement.

The trend of advisors working at banks heading off to take a more independent, or "breakaway" path, is well established and this news service wrote about the topic a decade ago, here and here. 

Christopher Tate said Fidelis Capital “operates as an outsourced family office.”

Fidelis Capital has offices in Tampa, Dallas, and Washington DC.