The new launch is also said to be part of providing a new focus and expanded capabilities for ultra high net worth clients as US Bank’s wealth management business continues to grow. Ascent Private Capital Management will begin opening offices in select US cities later this year, the firm said in a statement.

The new unit will be led by Michael Cole as president. Cole is a former head of Wells Fargo Family Wealth Group and Wealth Planning Center.

Ascent Private Capital Management aims to differentiate itself in the marketplace by working closely with clients to address a range of issues that will help them achieve their wealth-transfer goals and establish their legacies for this and future generations, the firm said.

“Many ultra-wealthy individuals are riding the wave of global responsibility and proactively using their wealth to make a positive impact on the world. US Bank will provide clients with the guidance and tools they need to help them positively impact the world and establish their legacy," said Cole.

Ascent Private Capital Management is said to be looking to offer new services for UHNW clients addressing wealth-transfer challenges. The model will aim to combine traditional wealth-management offerings such as financial planning, investment consulting, private banking, trust and estate administration services with what it calls “cutting-edge ‘wealth impact’” such as multi-generational wealth planning, leadership and communication assessment, strategic planning, education and stewardship.

“US Bank has made a significant investment in its wealth management businesses since 2008. With the launch of Ascent Private Capital Management, US Bank is enhancing our ability to serve the needs of an important client segment while capitalizing on a terrific market opportunity,” said Richard Davis, chairman, president and chief executive officer of US Bancorp.

US Bank Wealth Management Group serves ultra high net worth clients with more than $25 million in investable assets through Ascent Private Capital Management, high net worth clients with more than $1 million in investable assets through The Private Client Reserve and affluent clients with more than $100,000 in investable assets through The Private Client Group.