CITI NAMES DUBAI HEAD

Winter Takes New Spot At GoldmanClark Winter, former Citigroup chiefglobal investment strategist who leftlast spring, joins Goldman SachsPrivate Wealth Management division asdirector of portfolio strategy

(see story, page 2)

Firms & ServicesCiti Private Banking Duo Departs 2SunTrust Expands Client Roster 4National City Appoints Heads 4Merrill Duo Jumps To Janney 5Wachovia Exec Joins Morgan 5

Family OfficeMFOs Rely On Referrals 7Offit Appoints CIO 8Threshold Launches New Platform 8MFOs Team Up With Memoirs 8Sageworth Doubles In Growth 8

Research Rich Look For Trust 9

Wining and DiningWilmington Trust Holds

Museum Soiree 10

DepartmentsOn The Move 10Heidi Nedwurth 12

CITI NAMES DUBAI HEAD; TO FOCUS ON FAMILIESCiti Private Bank has appointed Mohammed Azab as executive directorand chief officer of its United Arab Emirates hub, who will build out itsprivate banking platform to focus on attracting Middle Eastern families.The firm, which has private banking offices in the region, is expanding itsplatform to keep pace with the exceptional wealth there in the pastdecade, Azab told PAM.

Azab will oversee Citi’s offices in Abu Dhabi, Dubai, Bahrain, andKuwait, and plans to scout out new families and enhance existing

relationships, leveraging its 50-year presence in the Middle East. The firm will offer standardinvestment, trusts and estates and business succession planning for merchant families largely

(continued on page 11)

U.S. TRUST, BOFA LAUNCHES $25MM NATIONAL AD CAMPAIGNU.S. Trust, Bank of America Private WealthManagement has rolled out a $25 million national andlocal print and broadcasting campaign—the mostextensive advertising effort that either the former U.S.Trust or Bank of America’s PWM unit has undertakento date. The ads, designed to underscore the changingface of wealth, debuted nationally on Oct. 8 as the firstcampaign since the U.S. Trust/Bank of Americaacquisition finalized in July.

Aimed at existing and prospective U.S. Trust clients, the ads will run in 50 markets across(continued on page 11)

Three-Year Growth Plan…WACHOVIA WM MAKES YEAR-END PUSH Wachovia Wealth Management is in the midst of a three-year plan to double its business,and will add at least 45 relationship managers, specialists and directors in various regions byyear-end. It will add staff across all three WM units—specifically targeting California,Arizona, Texas and New York.

Morrison Creech, managing executive of Private Banking, told PAM the majority willjoin the Private Banking division, catering to $250,000-$5 million in investable assets. TheWealth Markets division, targeting $5-50 million in investable assets, and Calibre, the familyoffice advisory group focused on the above $50 million crowd, will see new hires as well.“The market we serve is expected to grow 30% in the next three years,” said Creech,referring to clients with $250,000 to $5 million in investable assets.

(continued on page 11)

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For information regarding subscription rates and electronic licenses, please contact Dan Lalor at(212) 224-3045.

Check www.iiwealthmanagement.com during the week for breaking news and updates.

OCTOBER 22, 2007VOL. XIV, NO. 22

Mohammed Azab

PAM102207 10/18/07 4:08 PM

Private Asset Management www.iiwealthmanagement.com October 22, 2007

©Institutional Investor News 2007. Reproduction requires publisher’s prior permission.2

Citi GWM Taps Barclays CEO ToRun Asia-Pacific Unit…

Citi Global Wealth Management has tapped Nigel Sze, formerceo of Barclays International and Private Banking for Asia, as head ofinvestments for Citi GWM for the Asia-Pacific region. Sze will focus onproducts and building up Citi’s investment platform in key onshore marketsincluding China, India, and Korea.

Sze, who reports to Kaven Leung, ceo of Citi GWM Asia Pacific, is Hong Kong-based and oversees capital markets, structured products, discretionary investmentsand portfolio counseling activities for both Citi Private Bank and Smith Barney.

He replaces Samir Raslan, who moved to head Central and EasternEurope, Middle East and Africa for Citi GWM. It could not be determinedas PAM went to press last week who Raslan, who joined Oct. 1, replaced orwhether the post was new.

Calls to a Barclays spokesman on replacement plans were not returned bypress time.

…While Private Banking Duo Leave FirmNancy Lambert, former managing director with Citigroup Private Bank, andBeatriz Pallares, former v.p., have left the firm. Lambert and Pallares, who bothcould not be reached, joined Citigroup from U.S. Trust last September.

While at Citigroup, Lambert led a team of approximately four and was thehead contact on client accounts. Most recently, Lambert reported to GlobalWealth Management ceo Sallie Krawcheck and previously to John Leto andWayne Yang, then-global co-market managers for Manhattan. Leto left the firmthis past summer and Yang is working with Citigroup in Asia (PAM, 7/16). ACiti spokesman declined to comment on circumstances surrounding thedepartures. It could not be determined where Lambert and Pallares landed.

Winter Lands At GoldmanClark Winter, former chief global investment strategist for Citigroup GlobalWealth Management who left in the spring, has joined Goldman Sachs PrivateWealth Management as director of portfolio strategy. The news was announcedin an internal memo obtained by PAM, written by PWM ceo Peter Scaturro andSharmin Mossavar-Rahmani, cio.

Winter will focus on developing relationships with non-U.S. clients, whileworking closely with Jeff Goldenberg, managing director, who has exclusive focuson the U.S. In the memo, Scaturro also noted that Manhattan-based Winter willtake on a series of semi-annual outlook meetings with clients from the U.S., LatinAmerica, Europe, the Middle East and Asia.

Winter and Scaturro had worked together when both were at Citi, after the firmpurchased Winter’s international high-net-worth investment firm Winter Capital.Winter, who was not replaced at Citi, was one of several departures after SallieKrawcheck took over the reins at Citi GWM early this year (PAM, 4/16). Calls toWinter were referred to a spokeswoman who declined an interview.

At Press Time

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Schwab Donates To Texas TechSchwab Institutional has donated $1 million to Texas TechUniversity earmarked for its Division of Personal FinancialPlanning, one of the largest financial planning divisions in thecountry. The donation will fund research to attract collegestudents to the wealth management industry and to add a newteaching facility. The unit, run by Dean Linda Hoover andassociate professor Deena Katz, will also focus more onrecruiting diversity candidates. “We’re looking to attract diversepeople to the program, especially women,” said Katz.

The announcement was made at Schwab’s 20th anniversaryevent, held at the NASDAQ Marketsite at 4 Times Square inManhattan. Coined A 360º Look at the Trends Shaping the RIAIndustry, panelists discussed industry trends and invited 80 guests tothe evening reception. Schwab will also donate $25,000 toUniversity of California at Irvine to support and promote financialplanning education, selected also because of its focus in this arena.

Getting On The Court…SunTrust Banks Broadens Sports &Entertainment Client ReachSunTrust Banks is expanding the client roster within its Sports &Entertainment unit, going after golf, tennis, Major LeagueBaseball and National Basketball Association professionals. It isalso leveraging its foothold with country music stars to attractother music industry professionals.

The firm, which has subdivided its Private WealthManagement division into seven units (PAM, 8/13) underthe direction of PWM head Mark Peters, has a 30-yearhistory with advising country music stars often in the earlypart of their careers. Thomas Carroll, managing director andhead of the Atlanta-based S&E unit, said the firm is addingurban and Latin music artists to its client base—gainedmainly via word of mouth.

It has added roughly 14 NFL pros, as well as clients fromother major sports arenas, and is leveraging its background inmanaging wealth for clients with short careers and suddensuccess. “The pendulum swings here quickly, with an averagecareer span of about 3 1/2 years for an NFL player, so we try toinstill a discipline as early as we can,” Carroll said, declining toelaborate on specific client growth figures.

The firm has also built satellite offices in Miami to captureLatin music clients, Atlanta to cater to urban music artists, andMooresville, N.C. and Daytona Beach for its growing NASCARclients. The firm has locked in this group, Carroll said, becausemany NASCAR drivers and country music professionals often

know each other and recommend SunTrust. “NASCAR driversare big fans of country music, and country music stars are bigfans of NASCAR,” Carroll said. The firm offers standard wealthmanagement services, including lending, and subdivided PWMbased on client professions and family business owners.

National City Names New HeadsNational City’s Private Client Group hasnamed Roy Wagman director of PrivateBanking and Gregory Jelinek chief creditofficer. Jelinek, formerly head of BusinessBanking at the firm, replaces Wagmanwho held the Cleveland-based chief creditofficer post. Wagman stepped into a newpost, based in St. Louis, created to provide

more customized services for high-net-worth clients,according to a spokeswoman.

Wagman is responsible for supporting and educating thefinancial advisors within the Private Client Group anddeveloping new initiatives. Wagman, a 31-year veteran of Bank of America, joinedNational City in 2005. Jenelik, who joinedNational City in 1986, oversees the team’scredit services. The firm’s PCG works withhigh-net-worth individuals and families with$1 million or more in investable assets. Callsto the pair were referred to the spokeswoman.

First Western Launches Boulder OfficeFirst Western Trust Bank has expanded its presence in Coloradowith an office in Boulder. The 10-person office, which openedOct. 3, provides private banking, investment management,personal trust and wealth management planning to high-net-worth individuals. Bryant Reber, chairman of the Boulder office,and managing director Nancy Stevens, previously ceo andaccount relationship manager, respectively, for Denver-basedwealth management firm Reber/Russell—which First Westernpurchased last fall—are running the office. Reber is responsible for overall leadership, business oversight andstrategic planning. As managing director, Stevens oversees clientservice, client development, employee mentoring and strategicguidance. The staff consists of eight former Reber/Russellemployees and two employees from First Western in Denver.

Stevens said that First Western had plans to open the Boulder


Firms & Services

Roy Wagman

Gregory Jelinek

PAM102207 10/18/07 4:08 PM

October 22, 2007 www.iiwealthmanagement.com Private Asset Management

hub since its acquisition of Reber/Russell in September, eyeingthe region for its wealthy population and strategic expansion.“There aren’t that many banks that combine private banking andinvestment management services, and this provides us with acompetitive edge,” said Stevens. First Western, with over$1.35 billion in assets under management, has offices in Denver,Cherry Creek and Fort Collins, Colo.

Janney Taps Merrill Duo To RunBoston Satellite Hub

Janney Montgomery Scott has launched awealth management Boston satellite officein Falmouth, Mass. and tapped EricAsendorf and Janet Chadie from MerrillLynch to run it. The pair, which will caterto high-net-worth residents in the CapeCod region, report to Andy Wunsch,complex manager in Boston.

Asendorf, senior v.p. of investments, will act as a financialconsultant overseeing new client business in the private clientgroup. He joins with $200 million in assets under management.Chadie will advise on retirement and financial planning. Thefirm may bring on an additional advisor, Wunsch said.

Calls to the pair were referred to Wunsch. “After building andmaintaining an advisory practice in the same location for 26years, Eric wanted to be associated with a regional firm with aculture suited to his clients and team,” he said.

Merrill Names Boston DirectorCory Little has been named managing director for MerrillLynch’s Private Banking and Investment Group in Boston,replacing Doug Revere at the office based at 1 Federal Way.Little, who will also continue in her role as head of sales inBoston, will draw on the hub’s advisory group, private bank, andinstitutional sales division for the Northeast region to providebroader resources and services for clients. Revere is a managingdirector with the advisory group.

The Boston PBIG is also looking to make an aggressive pushto hire new staff and recruit clients in the region. Little toldPAM she will oversee six private wealth advisor teams with plansto tap other internal and external teams to accomplish growthplans. Little reports to managing directors Jeff Penney and DougMallach for equities and fixed income, Jennifer Povlitz,managing director of PBIG’s Eastern Division and John Thiel,managing director, head of PBIG.

“We were looking for someone well respected and from theinside who knows Boston,” said Povlitz, regarding Little’sappointment. “It’s such a unique opportunity there and we’re

really excited to have someone with Cory’s level of experience.”The Boston office has $40 million in annual revenue, and $8billion in assets under management.

Capital Market Consultants,Adhesion Form PartnershipChicago-based Capital Market Consultants, an investmentmanagement firm, has linked up with Adhesion Technologies’WealthADV platform to provide multi-manager strategies for itswealth management advisors.

The joint platform provides research and guidance onselecting specific managers from CMC, as well as WealthADV’sback office and unified managed account offerings. “Adhesiondoes not have the level of research that we have, and in turn weare not a technology firm, and advisors need both. It’s likevanilla and chocolate, a wonderful combination,” said JohnErard, partner of distribution at CMC.

Michael Steir, president and ceo of Adhesion, told PAM thatthe partnership is good for advisors who are breaking away fromlarge wirehouses and broker dealers to go independent—yet stillneed back office technology and a range of research andinvestment products.

Morgan Stanley Taps Wachovia ExecMorgan Stanley Global Wealth Management Group has tappedSteven Stahlberg, a former managing director and Sacramentomarket manager for Wachovia Securities, as district manager forthe Sacramento/Central California region. Stahlberg will presideover 22 branches in California including Sacramento, Napa,Walnut Creek, Fresno and Oakland.

Stahlberg, based in the Roseville office, will report toMargaret Black, Western division director. The positionhas been vacant for some time, and Stahlberg was broughton for his extensive wealth management experience, accordingto a Morgan spokeswoman, who declined to name whoStahlberg is replacing.

Additionally, Morgan has brought on several financialadvisors throughout the country. R. William Chaffin andKent Engdahl, former A.G. Edwards advisors, joined theRancho Bernardo, Calif. office with a combined $168 millionin assets under management. Duo Charles Crilly andQuentin Elliot of A.G. Edwards jumped ship to the Hartford,Conn. office with a combined $183 million in AUM. TheParamus, N.J. office tapped Frank Fava and ChristopherAmato from Smith Barney. They join with a combined $76million in AUM.

To receive email alerts or online access, call 800-715-9195. 5

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PAM102207 10/18/07 4:08 PM

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UBS Nabs Lehman Trio For Chicago HubUBS has tapped three top financial advisors from LehmanBrothers, hiring Mark Wiktor, F. Michael Covey, and ThomasKane as senior v.p.s for its new wealth management office inChicago. The trio, former financial advisors at Lehman inChicago, report to Dennis Drescher, managing director.

Drescher said their knowledge of trusts and estates,

alternative investments, and sophisticated equity products madethem the right fit for the new office. “They have a significantnumber of relationships in our targeted demographic,” saidDrescher, referring to the ultra-high-net-worth in the region.The office, in its early stages of development, currently has 20financial advisors with plans to double that number over thenext three years.

A Lehman spokesman declined to comment on thetrio’s departure.

Help Wanted…MFOs Focus On Basics, Rely On ReferralsMulti-family offices are getting back to basics in terms of in-house service offerings,still grapple withfinding top talent, andrely predominantly onword-of-mouth togrow business.

According to theFamily Wealth Alliance’s2007 Multifamily OfficeStudy, MFOs increasedtheir in-house financialplanning, assetallocation, alternativesand charitable counselingservices by roughly 10%or more—and surprisingly concentrated little on non-financialofferings like succession planning or family governance.

The survey also found that families can ease off on bill-paying and concierge services—often an outsourced andunpopular item on the MFO menu—as only roughly 7% ofclients use the offerings. Firms distinguished themselves viatraditional investments this year. “The services this year have todo with the essential needs of client. I was surprised that moreof them didn’t mention family issues, especially since the firmshave a lot of ability in these areas,” said Bob Casey, director ofresearch with the Alliance.

Casey noted that financial services, including charitable advisory,are not outsourced because of the extremely personal, hands-onnature that a client looks for—although trust services and tax

preparation were outsourced at 36.3% and 42.5%, respectively.Overall, the number of outsourced services inched up this year, as away for MFOs toimprove theirbottom line,Casey noted.

For the firsttime, the Alliancesurveyed methodsfor sourcing newclients—withMFOs reportingthat 45% of newbusiness comes from existing client referrals (see related chart).And while MFOs may be talking about a marketing or directmail campaign, a paltry 1.7% said advertising or public relationswas a source for new business. “It’s still a referral business, but weexpect that to change as you get more sophisticated, bigger firmsin the industry who want to develop a brand,” Casey said.

Finding top talent, especially for the cio role, is again anMFO’s biggest challenge—with firms giving staffing a weightedscore of 60 versus 47 for human capital issues last year (seerelated chart). Casey said the challenge is to find seasonedrelationship managers to handle the extremely wealthy, who arenot only versed in investments but also tax concerns andgenerational planning.

MFOs are often stretched to pay top talent as well. Managing growth also ranked as a higher concern this year,

as new client business is extremely front-loaded and thereforetakes a great deal of time and staff to break in a new versusexisting client.

[Editor’s Note: This is the second of a two-part survey based onThe Family Wealth Alliance’s study, surveying 80 North AmericanMFOs with multi-generational relationships. ]

Family Office

Firms & Services (cont’d)

Firm’s Biggest ChallengesWEIGHTED SCORE

Human capital 60Managing Growth 33Raising Awareness 24Growing the business 23Technology 19Profitability 14Outsourcing and partnering 12Technology (client reporting) 6Enhancing investment offering 5Succession planning 3Other 6

Based on a weighted score of 100Source: Family Wealth Alliance

Sources of New ClientsReferrals from clients 45.3Referrals from other professionals (e.g. CPAs) 25.5Business development (e.g. sales) 9.2Contacts via charitable or community activities 4.9Joint ventures 2.4Advertising and public relations 1.7Other 10.9

Total 100.00%Source: Family Wealth Alliance

PAM102207 10/18/07 4:08 PM



New Role…Offit Capital Adds CIOTodd Petzel has joined newly-launched Offit Capital Advisors ascio to run its senior investment team. Petzel, who joins fromCommonfund Group where he was cio and executive v.p.,oversees a six-person research team including Jeffrey Lombardoand Thomas Carrier, partners in the research group.

The Manhattan-based wealth management firm has aspecialty in global, multi-asset class investments for high-net-worth families, as well as for non-profit institutions. Petzel’steam provides traditional investment research, with an ax inhedge fund and private equity. The firm was launched lastmonth after chairman Morris Offit split from partner KathrynHall of Offit Hall Capital Management, to fly solo with hissons and co-ceos Ned and Daniel (PAM, 9/10). “We are acutelyfocused on investments, and there’s a lot for us to do bothdomestically and internationally,” said Daniel Offit. “Todd hadmanaged very large pools of capital in the past, and the way wemeasure our client portfolios is similar to how a largefoundation manages their assets.”

The Commonfund Group is a management firm catering tonon-profit investors.

To Do ListThreshold Looks To Fill Posts,Launch Platform, Eyes Bay AreaMulti-family office Threshold Group has created a businessdevelopment officer role, is searching for a replacement for itsdeparting cio and will launch a new in-house technologyplatform. It is also considering a Bay Area satellite office.

The Gig Harbor, Wash.-based firm is looking to replaceJason Taylor, who will leave the cio post later this monthafter two years for personal reasons, said Chris Phillips,director of marketing and business development, whodeclined to elaborate. The firm has been vetting candidates,with plans to fill the spot within three to six months, and hasnamed relationship manager Craig Hamilton as interim cio.“We’re aware of where we are geographically and it takes time.The Pacific Northwest is not on everybody’s radar as a hub offinancial services,” Phillips said. Former U.S. Trust executiveLissa Gangjee has been brought on as head of the Portlandhub, Phillips added.

Threshold has been building its client base and AUM thisyear, at its headquarters as well as Portland and Manhattan hubs,and has added staff to maintain its three-four clients perrelationship manager average going forward. Tim Thomas,

former portfolio manager for Bank of America Private ClientServices in Seattle, has joined as relationship manager. KevinSheehan, former consultant with Family Office Exchange, hasjoined as assistant relationship manager. The pair, based in GigHarbor, report to managing director of family office services BobDeWeese. The firm has $6 billion in assets under advisement,and has an average client relationship of $125 million ininvestable assets.

Threshold may launch a Bay Area office if growhcontinues. “It would bring us closer geographically to ourclients, and we’re fairly open to it if it looks like someplacethat continues to be active,” Phillips said. It will also add anew business development officer to focus on both bringingin new business and possible expansion plans next year, basedin Gig Harbor.

Finally, Phillips said the firm is working on a new investmentreporting technology platform, which it plans to launch nextyear. It chose not to completely outsource these services toprovide more customized reporting services for its clients,especially those with complex financial pictures.

Threshold was founded in 1999 by George and Jane Russell,who sold the former Frank Russell Company to NorthwesternMutual and launched the MFO.

Memoirs Productions Links Up WithMFOs To Broaden Reach Memoirs Productions, which produces biographies and ethicalwills for clients via DVD documentaries, has recently linked upwith Harris myCFO and Citigroup Global Family Offices toproduce what it coins Ethical Wills, Corporate Archival, Legacyof Values or Heirloom DVDs.

Iris Wagner, executive producer and ceo of the Montreal-headquartered firm, which serves clients throughout NorthAmerica and markets mainly via word-of-mouth, said it alsolaunched a quarterly newsletter to send to current andprospective clients.

Wagner is looking at a production for its first Europeanfamily, and added that clients are often not elderly when theyapproach the firm. “One client, who was 41 at the time, saw hisfriends die in 9/11 and said ‘if that happened to me, my kidswould never know who I was,’” she said.

Documentaries range from a 30-minute taped monologue, tocamera shots of a family’s property from the air or a straightdiscussion of their philanthropic commitment. Wagner said theprice tag varies widely depending on the assignment, and archivalquality is guaranteed for 300 years.

Family Office (cont’d)

PAM102207 10/18/07 4:08 PM


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Pennsylvania MFO Doubles Growth Sageworth, a Lancaster-based multi-family office, trust companyand advisory firm, has increased assets under management byover 50% this year, with plans to do the same in the coming year,solely via word-of-mouth client referral. The MFO, whichcurrently has 55 families, was founded in 2000 by six familiesincluding a prominent snack food manufacturer, said ceo andone of the founders Tim Brown.

The firm caters to clients throughout the U.S. and non-U.S.citizens with assets overseas, and does not employ sales people ormarketing campaigns as a general rule. The firm has doubled itsAUM through both existing and new client investments,although Brown declined to provide current AUM figures.“We’ve been significantly and rapidly growing, but also veryselectively, and have a diverse clientele in terms of age, geographyand liquidity,” Brown said. The firm’s main focus is investmentmanagement, and it also offers estate planning, tax, insuranceand administrative services and charitable counseling.

ResearchHNW Placing Greater Emphasis OnAdvisor Trust, Performance Affluent investors have placed greater emphasis on advisorknowledge, trustworthiness and performance in recent years,according to a recent Phoenix Marketing International study.The study named six elements in the advisor-investorrelationship that are key drivers of an investor’s loyalty to anadvisor: knowledge, quality of advice, level of trust, the quality ofservices delivered, performance, and the overall strength of theinvestor’s relationship with the advisor.

In 2003-04, when the market was emerging from adownturn, affluent investors placed stronger emphasis on basicelements such as service quality, communications, and ease ofdoing business with an advisor. As the market ramped up from2004 to 2006, affluent investors added other elements to the

mix, including advisor knowledge, advice and trust level. “Asthe market has matured, service quality is seen as a given whileother factors have become more important in determininginvestor loyalty,” said David Thompson, managing director ofAffluent Marketing Service of Rhinebeck, N.Y.-based Phoenix.

The study, which tracks investment patterns and behaviors,surveyed approximately 6,700 affluent investors with $250,000or more in investable assets. Investors were surveyed via an onlinequestionnaire over a 10-month period.

Economic Weakness Worries WealthyA weakening economy is weighing more heavily on wealthyinvestors, resulting in the second consecutive decline for theSpectrem Millionaire Investor Index, tracked by the SpectremGroup. The index, which measures the investment outlook ofhouseholds with $1 million or more in investable assets on a -100 to 100 scale with a 200 point spread, dropped four points to3 in September, its third-lowest level ratio ever.

When asked open-ended questions about the most seriousthreat to the achievement of their household financial goals,19% of millionaires cited the economy as the biggest threat,followed by 8% who cited health-related issues and 7% whocited unemployment. The economy was also the biggestsource of general worry among the affluent, with 18% citingit as the biggest threat, followed by 8% who citedunemployment and 7% who cited health-related issues.“People are going to the sidelines because they’re not surewhat’s going to happen,” said Tom Wynn, director atSpectrem Group, adding that the unstable real estate andstock markets contributed to concerns.

The report noted that the index has lost 17 points sinceMay 2007. The Spectrem Millionaire Investor Index is typicallydrawn from more than 100 monthly interviews of U.S.investors, and include hypothetical questions to determinegeneral investment behavior.

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• UBS has opened its latest Private Wealth Management office inAtlanta, focused on clients with assets of $10 million and above.The office, located at 3280 Peachtree Road, includes privatewealth advisors, private bankers, and service personnel and isheaded up by Robert Karem.

• Wachovia’s Private Client Group tapped RBC Dain Rauscherfinancial advisors Wayne VanThof with $25.6 million in assetsunder management, Martha Killian, Wendy Sydeski with $57.9million in combined AUM, Thomas Sime with $50.2 in AUM,Neil Ruda with $53.4 in AUM, and Edward Lipski with $58million in AUM for the Rochester, NY office. Clifford Taylorwas tapped from UBS with $72.2 million AUM for the Houstonoffice, and James Pacholek joined the North Dallas office fromSmith Barney with $121.5 million in AUM. The Santa Fe hubtapped Michael Segura with $55.1 million in AUM fromWestpark Capital and the Westlake, OH office tapped JeffreyPartridge from Smith Barney with $77.6 million in AUM.Smith Barney also lost Michael McQuilkin with $80 million inAUM and William Gomberg with $110.2 million in AUM tothe Anaheim, Calif. office as well as Ralph Noyes with $63.8million in AUM to the Spokane hub.

• Wachovia Securities Financial Network brought on JasonSchall and Joseph Chiovarou from UBS for the Daniel Island,S.C. office, bringing with $58.4 million in combined AUM.Susan Roise from Morgan Stanley joined the Minot, N.D. officewith $72.3 million in AUM.

• Wachovia’s Investment Services Group has hired TamiRovall in Dallas/Ft. Worth from Compass Brokerage with$73 million in AUM. In Latin America, Guillermo Santiagowas tapped for the San Juan office from UBS bringing$77 million in AUM.

• Morgan Stanley’s Global Wealth Management Group tappedEmilio Funicella as a financial advisor, and Guy Feldman, juniorassociate, from Smith Barney for the Manhattan office. Theybring $168 million in AUM, and they report to branch managerWilliam Van Scoyoc. Jim Bowers and Don Cohen joined theArlington, Tx. office with $156 million in AUM from WachoviaSecurities. They report to Milton Morse, branch manager.

• Tim Stinson and John Yackel, former managing director anddirector, with SEI, have joined wealth management serviceprovider Fortigent. Jeffrey Coron, former director with IXISAsset Management, also joined the firm to take a marketing postfocused on Rockville, Md.-based Fortigent’s alternativeinvestment products. The trio report to Andrew Putterman,president and ceo. Knightsbridge Advisors and Kilcullen &Company handled the search.

• Wealth management firm Focus Financial Partners has acquiredfive firms, bringing a combined $8 billion in client assets to theManhattan-based company. The wealth management firmsinclude GW & Wade, Dion Money Management, Lara, Shull &May, Benefit Funding Services Group and JFS Wealth Advisors.Focus now has $25 billion in AUM.

On The Move

Wilmington Trust HostsBoston Museum Event

Wilmington Trust hosted a reception and private viewing ofDesign Life Now – the National Design Triennial at the Instituteof Contemporary Art in Boston. The invitation-only event,which took place on Oct. 17, gathered roughly 280 high-net-worth clients and Wilmington executives with curators andmembers of the ICA. The curators provided a tour of the exhibitwhich included designs from the last three years in fields likearchitecture, furniture, film, graphics, new technologies,animation, science and fashion.

Wilmington is the exclusive sponsor of the contemporaryAmerican design exhibit at the museum, which opened on Sept.28 and will run through Jan. 8. The exhibit features the work of

over 80 designers and firms, ranging from design leaders such asApple, Inc. and architect Santiago Caltrava, to emergingdesigners such as Joshua Davis and Jessica Smith. PeterSimmons, president of Wilmington Trust FSB in Boston, wasalso on hand to greet clients and mark Wilmington’sintroduction to the greater Boston area since acquiring BinghamLegg Advisers in July. “It’s fortuitous that the sponsorshipbecame available around the same time that we established apresence in Boston,” said Simmons, adding that the exhibit was“a little funky, and exactly what we were looking for.”

The exhibit focused on four principal ideas of the contemporarydesign world, which include emulating life, community, hand-crafted and do-it-yourself design and transformation, according tothe museum’s Web site. The exhibit was organized by theSmithsonian’s Cooper-Hewitt National Design Museum.

The wealth management industry’s soft marketing and client retention activities.

Wining & Dining

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employed in the UAE’s oil and gas businesses. “Middle Easternmerchant families are becoming increasingly sophisticated asindividuals,” said Azab.

The firm will also bring private banking and family services toits Qatar and Kuwait offices, launched in 2006 and 2007,respectively. As of now, Citi offers only corporate bankingservices in those hubs. Azab said he will target individuals with$10 million and above in investable assets from the Dubai andNorthern Emirates markets, the wealthiest regions of the UAE.

Azab, who started his career at Citi as a credit office in 1981,recently joined from Arab Bank where he was a UAE countrymanager. He replaces Mike Morgan, who moved to Singapore asdirector of human resources.

Azab noted that it is often difficult for wealth managers, evenfrom within the region, to establish a trust level with MiddleEastern wealthy families. “It is through a personalized, consistent,high level of attention and attendance to customers that youbuild trust with this highly demanding segment,” noted Azab.Citi is up against competition from local banks, as well as fromCredit Suisse which launched brokerage services there in 2005.

The region is also emerging as a hot-spot for celebritiespurchasing homes and as a vacation spot for the rich.

—Kristen Oliveri

CITI NAMES(continued from page 1)

across the country at least through year-end. The print ads arerunning in major national publications, including The WallStreet Journal, and thetelevision ads are starting torun on national broadcastnetworks. The TV spots areslated for CNBC’s SquawkBox, CNN after AndersonCooper 360, MSNBC, TheGolf Channel, and variousbusiness and financial newscable networks, according toa firm spokesman.

The ads are intended toconvey the message thatU.S. Trust understands andshares their clients’ values,and that clients are the architects of their own success. One adfeatures a wealthy U.S. Trust client sitting next to his old 1968Volkswagen Bus, with the message The most valuable car in hiscollection isn’t the Ferrari, the Cobra or the Aston Martin, but a

U.S. TRUST(continued from page 1)

1968 Bus. Through extensive research, U.S. Trust discoveredthat the majority of wealthy clients had grown their ownwealth, and attributed their success to their own drive,prompting the creative concept.

Boston-basedHill/Holliday collaboratedwith the firm’s marketingteam, led by AnneFinucane, BofA chiefmarketing officer, todevelop the brandpositioning andadvertising campaign.The campaign is part ofa larger marketinginitiative to be launchedlater this fall for Bank ofAmerica’s Global Wealthand Investment

Management division, which includes investment marketingarm Columbia Management. U.S. Trust, BofA has more than$220 billion in assets under management.

—A.K.

Wachovia WM will continue expansion, both in terms ofstaff and new client business, in its targeted states throughoutnext year—tacking on Florida as well which it also views ahigh-growth market. Wachovia WM announced plans in Juneto double its business, currently at $80 billion in assets undermanagement, over the next three years. The firm is alsoaiming to break away from its regional reputation. “They aretrying to show the country that it’s no longer just mid-America they are targeting,” said Rick Peterson, recruiter withRick Peterson & Associates.

California is a main target with 36 new bankers slated to joinits offices by year-end. A spokesman said the firm’s push into

WACHOVIA WM(continued from page 1)

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Quote Of The Week“It’s like vanilla and chocolate, a wonderful combination.”—JohnErard, partner of distribution at Capital Market Consultants,discussing the firm’s partnership with Adhesion Technologies to offerboth research and technology for wealth management advisors (seestory, page 5).

One Year Ago In Private Asset ManagementCitigroup Global Wealth Management made a push to expandits private bankers to 118 throughout the country over the courseof five years. It targeted real estate entrepreneurs and developers,financial sponsors and business owners, the three wealth sectors.[Citi launched Global Wealth Management International andtapped Deepak Sharma, head of the Asia-Pacific and Middle Eastregions for the private bank in Singapore, to assist in running theeffort (PAM, 4/16).]

• Credit Suisse Private Bank restructured its domesticbusiness to add satellite branches in U.S. key markets anddivided it into three regions, East, West and Midwest. Itnamed long-time managers Matt Gorman, Carey Timbrelland Peter Skoglund as the heads of the East and West andMidwest regions, respectively.

Five Years Ago• Mutual fund giants Franklin Templeton Investments and T.Rowe Associates were expanding the distribution bases for theirhigh-net-worth units. For the first time, Franklin Templeton’sPrivate Client Group made a formal push to distribute itsseparately-managed accounts through commercial banks andindependent registered investment advisors. [Two subsidiaries ofFranklin Templeton, Fiduciary Trust Company Internationaland Franklin Advisers, combined efforts and launched a newglobal fixed-income platform, The Franklin Templeton FixedIncome Group (PAM, 1/26/06).]

• Eight high-net-worth brokers filed an arbitration claim withthe National Association of Securities Dealers against PrudentialSecurities. The brokers claimed that the firm had breached theircontracts when it left the technology and healthcare investmentbanking business.

Heidi Climbs Aboard SeaFair ForArt ShowThis weekend I donned my latest Vera Wang,naturally not that new line she now hawks at Kohl’s,complete with my favorite Christian Louboutin heelsand hopped about SeaFair, a luxurious art showaboard a stunning 228-ft mega-yacht docked inManhattan this month. I perused the American andEuropean art galleries weaving throughout the GrandLuxe in search of pieces to add to my already stellarcollection—finally deciding on an Earl Cunninghamoil painting for a cool $4 million.

After we attended SeaFair’s opening night charitygala, as well as a few art events and lectures, my palsand I made our way to the ship’s open-airchampagne, wine and caviar lounge. A few GreyGoose martinis and gorgeous skyline views later, Ienjoyed lobster braised in a beurre fondue in themain dining room. My personal trainer has his workcut out for him, I’ll say.

But the SeaFair isn’t stopping the show in NewYork—it’s a 34-city tour cascading up the EasternSeaboard. When I have to finally pack away mypeep-toe pumps for the season, I plan to head southfor a spin around the Florida Treasure Coast onFebruary 27—where I’ll be hunting for a newWilliem de Kooning to add to my own treasure troveof masterpieces.

H E I D I N E D W U R T H ’ SN O T E S

California was motivated by the final conversion last week of itsGolden West Financial acquisition, in the works since lastOctober. “Until recently, we were East Coast and Texas-based,but a lot of our effort is going to the Western part of the countrynow,” he said. The firm is also looking for a regional director forNorthern California.

Phoenix will add four new members to its team, and Texas willadd two. Over the next two weeks, Wachovia will also announce anew regional director for Phoenix, to be promoted out of the EastCoast office, although Creech declined to provide the name.

In New York, the firm will grow its 35-member team bythree to four relationship managers in Manhattan, one to tworelationship managers in Long Island, and two trust associatesin both hubs by year-end, said Joseph Giglia, regional

director and senior v.p. for Wachovia WM New York. “We’vemade a major commitment to the New York City marketplaceon all levels,” said Giglia. The firm has been touting a recentlift-out of a six-person U.S. Trust team to its Manhattanoffice (PAM, 10/8). \ —Alejandra Kim

PAM102207 10/18/07 4:08 PM

CITI NAMES DUBAI HEAD

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