CHARLOTTE, N.C., Sept 15 (Reuters) – US Bancorp (USB.N) is planning to launch a high net worth wealth management unit to court clients with more than $25 million in investable assets, the company disclosed on Wednesday at its New York investor day.
CHARLOTTE, N.C., Sept 15 (Reuters) – US Bancorp (USB.N) is planning to launch a high net worth wealth management unit to court clients with more than $25 million in investable assets, the company disclosed on Wednesday at its New York investor day.
The as-yet-unnamed unit will work with clients who have more in investable assets than those who US Bancorp’s private bank — called the Private Client Reserve — currently targets.
The move is the latest step in a larger, ongoing overhaul of the Minneapolis-based bank’s wealth management division to capitalize on what they predict will be massive client migration among wealth advisory firms.
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“We’re changing this business from something that’s been fairly sleepy for the company,” said Terry Dolan, US Bancorp vice chairman for wealth management and securities services. “We think there will be a significant amount of money in motion over the next 2-3 years.”
To read the full story, visit reuters.com
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