U.S. Bank’s high-net-worth business has a new president.

Mike Ott, central region president of the Private Client Reserve since 2011, will oversee the business and its 1,300 financial professionals nationwide. He will also become a member of the bank’s Wealth Management Executive Committee, the Minneapolis-based bank announced this week.

Ott joined U.S. Bank in 2009 as head of investments for the Reserve in the Twin Cities. He was named the unit’s Twin Cities market leader in 2010 and its central region president in 2011.

“Mike’s wealth management expertise and creative and collaborative nature make him a perfect fit for this critical leadership position,” Mark Jordahl, president of U.S. Bank Wealth Management, said in a statement. “He has been deeply involved in helping build the Private Client Reserve and brings strong depth of knowledge and a passion for the wealth management business.”

The unit’s former president, Michael Boardman, left the company, the bank said.

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