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.

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