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  1. Wealth
September 16, 2010

Reuters: Bancorp to launch UHNW unit

By Spear's

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.

“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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