Webster Banks wealth management business continues to increase its contribution to the banks bottom line. In the second quarter of 2013, wealth management and investment services generated $8.9 million in income, up $1.7 million, or 23%, from a year ago. It was also up 15% from the previous quarter, the banks holding company announced Friday.
Websters Investment Services division posted especially strong results, generating a record $6.4 million in fee income.
Over the past 15 months, the bank has ramped up its wealth management and private banking services. In March 2012, it rebranded the business Webster Private Bank. Since then, it has beefed up its team of private bankers, including hiring Daniel FitzPatrick, an executive from BNY Mellon Wealth Management, to head up the business. It also recently hired two executives to assume key posts.
The group recently added a chief investment strategist and a director of fiduciary services as it strengthens its platform to capitalize on what we see as a very attractive high-net-worth market opportunity for us, Jerry Plush, Websters president and chief operating officer, said during an earnings call on Friday.
Overall, Webster Financial Corp., the banks holding company, earned $43.7 million, in the second quarter of 2013, up 8% from $40.6 million in the same quarter last year.
Webster delivered another solid quarterly performance, marked by higher loan originations, strong revenue growth, further gains in operating efficiency and improved asset quality, James Smith, Websters chairman and CEO, said in a statement.