The Naples office of the bank’s Private Client Reserve, the wealth management unit serving clients with $1 million or more in investable assets, is aggressively adding wealth management professionals to serve clients and prospects in Naples and the surrounding areas. In the last four months, the office has added six new members to the team, bringing the total number of investment and private banking professionals to 10, said Sandra Fleming, Florida market leader for The Private Client Reserve, in a telephone interview. And she plans to take that number up to 14 by this spring, she said.
At 7,200 square feet, the new office location will be double the size of the current space. While Fleming did not disclose how much The Private Client Reserve – or the office – has in assets under management, she said she expects it to grow in the double digits for the foreseeable future.
In addition to wealth management services, the office will now be offering full-service banking for the first time. Before, clients didn’t have a place to cash their checks or get a mortgage, Fleming said.
“The expansion and relocation of our Naples office reflects U.S. Bank’s continuing commitment to high-net-worth clients in Florida,” Heidi Steiger, East Region President of The Private Client Reserve said in a statement.
U.S. Bank is a subsidiary of U.S. Bancorp, a bank holding company with $352 billion in assets as of Sept. 30, 2012. The Private Client Reserve is part of U.S. Bank’s Wealth Management Group.