Bank of the West's anticipated launch of an ultrahigh-net-worth wealth management unit is heating up.
The San-Francisco-based bank has hired another critical high-level leader for the business.
Eric Sanderson, the former managing director of wealth strategy at Ascent Private Capital Management, the ultrahigh-net-worth business of U.S. Bank, joined Bank of the West as head of Family Office and Strategic Planning Services.
He will focus on delivering advanced planning services to ultrahigh-net-worth clients and will report to Steve Prostano, who was hired in July to lead the planned ultrahigh-net-worth unit.
As reported in Bank Investment Consultant, Prostano was charged with developing services for ultrahigh-net-worth individuals, families and family offices throughout the country.
"Clients today are seeking not only best-in-class wealth planning advice and techniques but a customized approach to help them achieve their unique goals," Prostano said in a statement. "Eric has extensive experience developing sophisticated financial and cash flow, estate and gift planning and wealth transfer solutions for ultrahigh-net-worth individuals and families, and will be tremendous asset to our wealthy clients."
The bank also snagged a senior regional fiduciary manager from Well Fargo. Doug Sherry joined the bank's Wealth Management Group as chief fiduciary officer and will oversee the bank's fiduciary responsibilities to affluent, high-net-worth and ultrahigh-net-worth clients.
Prior to joining Wells Fargo in 2005, Sherry held leadership posts as J.P. Morgan Chase and Bank of America, according to his LinkedIn profile.
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