Bank of the West's Wealth Management Group has hired another top leader for its ultrahigh-net-worth business.

Julie Shafer joined the team as head of the planned Strategic Philanthropy and Purpose Investing offering and will focus on helping clients achieve their philanthropic goals, the bank announced on Thursday.

Shafer reports to Steve Prostano, who joined the Wealth Management Group in June to launch the ultrahigh-net-worth business.

Shafer's appointment follows the hiring earlier this month of an executive to lead Family Office and Strategic Planning Services.

Prior to joining Bank of the West, Shafer ran a development and philanthropy consulting business, which she founded in 2011, according to her LinkedIn profile. Prior to that, she was the director of development at the Institute for Neurodegenerative Diseases, a post she held for more than three years.

"Our clients today seek to invest intelligently, with the knowledge that they can invest for the social good while seeking strong financial returns," Prostano said in a statement. "Julie has extensive experience developing strategies for philanthropy and impact investing for ultrahigh-net-worth individuals and families. She will be a tremendous asset to our wealth clients."  

The bank's new ultrahigh-net-worth business represents the third leg of the bank's growing Wealth Management Group. In April 2011, it introduced the Private Client Services unit targeting high-net-worth investors with more than $250,000 in investable assets.  And last July, it launched the Retirement and Investments group within the brokerage unit to attract the mass affluent.

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