U.S. Bank is expanding its footprint in the ultra high-net-worth wealth management business. It has nabbed the regional director of an independent wealth management boutique to head up its soon-to-open office in San Francisco, the Minneapolis-based bank announced Wednesday.

Martim de Arantes Oliveira, appointed regional managing director for Ascent Private Capital Management, will be responsible for the growth of the new office, which will open this summer. He will lead an initial team of seven professionals who provide clients with investment management, private banking, wealth impact planning, financial administration and other services in the Bay Area, the bank said.

Oliveira was previously with Silver Bridge Advisors in San Francisco, where he was the West Coast regional director responsible for establishing, managing and expanding the firm’s presence on the West Coast, including leading teams tasked with the delivery of wealth and investment advisory services. Prior to that, he served as a founding and managing principal of H&S Financial Advisors, a San Francisco-based wealth advisory boutique that served wealthy families and individuals.

“Martim’s deep experience in investment and wealth management for ultra high-net-worth families and individuals makes him particularly well suited for this role,” Ascent’s president Michael Cole said in a statement. “He brings the exact mix of expertise to further Ascent’s innovative programs and solutions and put them to work for our client families.”

U.S. Bank has aggressively expanded its ultra high-net-worth business since Ascent’s launch two years ago. The new San Francisco office will bring the total number of Ascent offices to five. The other locations are in Minneapolis, Denver, Seattle and Cincinnati.

Ascent defines ultra high-net-worth clients as those with more than $25 million in investable assets. It is part of U.S. Bank’s Wealth Management Group.

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