People Moves
Wells Fargo
Charles Scharf has been named as the company’s chief executive and president, and a member of the board of directors, effective 21 October 21.
Scharf is currently chairman and chief executive of BNY Mellon.
In March, the board appointed Allen Parker as interim chief executive and president and a member of the board.
Parker will continue to serve in these roles until Scharf joins the company.
He will thereafter support the transition as a member of the company’s leadership team and general counsel.
Charles River Development
The wealth solution provider of State Street has appointed Randy Bullard as global head of wealth management.
In his role, Bullard will lead and oversee the wealth management business’s revenue, growth strategy and client retention efforts across the Americas, Emea and Asia Pacific regions.
Prior to Charles River, Bullard served as general manager of wealth management at SigFig, a global provider of digital wealth management programs to banks and wealth providers.
First Republic Bank
The private bank and wealth management company has hired Sanah Chung, John Barnes, Joseph P Lally and J Joseph Lally as managing directors and wealth managers.
They will be based in Century City, California and they all join from UBS Financial Services, where they were all senior vice presidents.
Summit Financial
The independent wealth manager has hired Brandon Smith as director of the firm’s financial planning arm.
Smith will work with Michelle McIntyre, director of growth and business development.
He joins Summit Financial from Grayhill, where he served as an executive officer.
Rockefeller Capital Management
The financial services firm has appointed Shelly Lazarus and Marty Mannion as independent members of its board.
With these additions, the board now comprises of nine members, including five independent directors.
Lazarus is the former chair of PR firm Ogilvy & Mather.
She rose through the ranks at Ogilvy over the course of four decades, taking on roles of increasing responsibility including worldwide chief executive in 1996 and chair in 1997.
Mannion was managing director at Summit Partners for more than 30 years, having joined the global alternative investment firm in 1985, shortly after its founding.
Fiduciary Trust Company International
The global wealth manager and wholly-owned subsidiary of Franklin Templeton has named Jennifer McCarthy as trust counsel and managing director, based in the New York office.
McCarthy was previously counsel at law firm Davidson, Dawson & Clark in New York, where she represented clients in connection with estate planning and trust and estate administration matters, as well as residential real estate transactions.
Citi Private Bank
The group has hired four members to its growing team in Atlanta.
Frank Lankford joins Citi from JP Morgan Private Bank in Atlanta, where he was a responsible for delivering the firm’s investing, wealth transfer, credit and philanthropic services to ultra-high net worth clients in the Southeast region.
Larry Quinn also worked at JP Morgan Private Bank as an investor before joining Citi.
Denton King and Jimmy Morris join from JP Morgan Private Bank, where they worked as investment specialists.
Ameriprise Financial
The firm has hired a team of financial advisers to join its Maryland office.
Cam Wealth Management is led by managing directors Kevin Collison, Christopher Asher and Scott McRoy.
Financial adviser Pat Cotherman and registered client service associates Maria Vallecillo and Laura McAuley are also on the team.
They join from Merrill Lynch.
Complex director Jason Bourgo and branch manager Eric Borsoni also support the team.
IHT Wealth Management
Kurt Yndestad has joined the LPL Financial affiliated firm as a financial adviser.
He joins from JP Morgan Private Bank.
Yndestad works primarily with high-net-worth individuals, business owners and accounting partners.
Mariner Wealth Advisors
Eddie Dulin has joined the firm’s office in Scottsdale, Arizona.
Dulin has over 20 years of experience implementing customised financial strategies for affluent families, individual clients and businesses.
He most recently served as a senior financial adviser and senior vice president of wealth management at Merrill Lynch.
M&A
Hub International
The wealth management arm of the global insurance broker has acquired the assets of Inter-Mountain Retirement Partners (MRP).
The financial terms of the transaction were not disclosed.
Based in Denver, Colorado and with a second office in Salt Lake City, Utah, MRP provides investment and retirement plan consulting.
Chad Larsen, president and chief executive of MRP, will join Hub Colorado.
This is the firm’s third M&A deal in a matter of weeks.
Mariner Wealth Advisors
The US wealth firm has agreed to acquire the assets of Snow Creek Wealth Management, located in Nashville, Tennessee.
The financial terms of the deal were not disclosed.
Snow Creek helps individuals, families, estates and trusts build, preserve and manage wealth by providing services such as asset management and financial planning.
The firm is led by partners David Goldberg and Larry Sacks, who have more than 60 years of experience providing wealth advice combined.
Both Goldberg and Sacks will remain with Mariner Wealth Advisors and continue to manage the Nashville location.
Robertson Stephens Wealth Management
The firm has partnered with Blue Blaze Financial Advisors, a New Jersey-based registered investment adviser.
Blue Blaze co-founders Frank Corrado, and his son Frankie Corrado will join Robertson Stephens as managing directors and principals, establishing a new office for the firm in Holmdel, New Jersey.
Joining the Corrados at Robertson Stephens will be their Blue Blaze colleague Kevin Talty.
The addition of the Blue Blaze team increases Robertson Stephens’ assets under management to more than $1bn.
Robertson Stephens now has 25 employees across four office locations in San Francisco, New York, New Jersey, and Sun Valley, Idaho.
The financial terms of the deal were not disclosed.
The Colony Group
The independent wealth management firm has agreed to buy Californian multi-family office Glass Malek.
This deal will expand Colony’s offices and services into California.
Colony, which manages approximately $10bn in assets for clients, will have 14 offices in seven states with over 200 employees upon the closing of the acquisition, which is expected in the fourth quarter of 2019.
With origins dating back more than 40 years, Glass Malek manages the business and financial affairs of musicians, actors, writers, TV personalities, studio executives and influencers, along with athletes and successful entrepreneurs and executives.
The terms of the deal were not disclosed.
Partnerships
PNC Financial Services
The firm has signed an agreement with M Financial Group to offer life insurance solutions, advice and service to PNC’s Wealth Management and Hawthorn, PNC Family Wealth clients.
Through this strategic relationship, M Financial will offer products and support to PNC’s clients.
As M Financial’s only firm-wide relationship, PNC will use this distribution network by working exclusively with a group of M member firms that solely focus on insurance.
In support of this agreement, PNC will implement a new service model in which insurance strategists will serve as the main point of contact for conversations with individuals, executives, entrepreneurs, and organisations on all aspects of their insurance plans and policies.
Similarly, M Financial will create a dedicated team who will assist member firms and PNC insurance strategists in placing business.
