WELLS NAMES WACHOVIA EXEC TO TOP POST

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  • 1.DECEMBER 1, 2008SCATURRO TO LEAVE GOLDMAN VOL. XV, NO. 24 Peter Scaturro, ceo of Goldman Sachs Private Wealth Management, plans to step down at UBS $1B Team Headsyear end to launch his own wealth management firm either as a startup or via acquisition. To RBC Scaturro, who did not return calls, has been seeking investors for what would likely be a RBC Wealth Management has boutique wealth management firm with a multi-family office component. He is also looking snagged a $1 billion team of advisors for executives to staff the effort, which will likely include former colleagues. Whether he has from UBS Wealth Management in talked to Frances Aldrich Sevilla-Sacasa, recently let go as president of Bank of America, US Phoenix Trust Private Wealth Management (see related story below), could not be determined.See story, page 2(continued on page 12) Firms & Services Silver Bridge Signs On Development Head 3WELLS NAMES WACHOVIA EXEC Baird Taps Teams From Merrill, UBS 3TO TOP POST Glenmede Rolls Out Ad Campaign 4Wells Fargo has appointed Wachovias David Carroll as HSBC Sponsors Design Fair4head of the combined banks wealth management United Capital Holds Webinar 5efforts including brokerage services, private banking, Deutsche, NY Mag Prep retirement services, Wachovia Securities, investment Charity Gala 7 management and trust and estate services. Research A memo from president John Stumpf also says there will Affluent Picky About Terms 7(continued on page 11) Obama Needs To Focus On Confidence7U.S. Trust Fading Away Family Office SEVILLA-SACASA OUT, MFO HEAD BOLTS Ashbridge Hires Wachovia Exec8Bank of America, U.S. Trust Private Wealth Management saw a number of top departures last week from the U.S. Trust side. President Frances Aldrich Sevilla-Sacasa fell victim to a Wining & Dining restructuring and Chris Zander, head of the multi-family office division, jumped ship to Knightsbridge Readies Holiday Bash 8 Manhattan-based Evercore Wealth Management along with several other senior staffers who Departments will reprise their current roles there. Guest Column9Metro-Atlantic Division Executive Alan Rappaport and head of credit and lending Bob On The Move11(continued on page 11) Heidi Nedwurth 12 COPYRIGHT NOTICE: No part of this publication may HSBC TO GROW CORE OFFICES be copied, photocopied or duplicated in any form or byFollowing a retrenchment earlier this year (PAM, 9/22), HSBC Private Bank is looking to any means without Institutional Investors prior written consent. Copying of this publication is in violation of the make a growth push in its remaining offices. It will look to hire teams of private bankers who Federal Copyright Law (17 USC 101 et seq.). Violators may be subject to criminal penalties as well as liability have clients with north of $10 million in investable assets. It will focus specifically on San for substantial monetary damages, including statutory Francisco, Los Angeles and New York, said Marlon Young, Manhattan-based ceo of HSBC damages up to $100,000 per infringement, costs and attorneys fees. Copyright 2008 Institutional Investor, PB Americas. HSBC shuttered offices in Boston, Washington, Greenwich and Boca Raton. Inc. All rights reserved. ISSN# 726-98790Young told PAM the firm will look to hire from private banks because bankers take a For information regarding subscription rates and electronic licenses, please contact Dan Lalor at more holistic approach with clients than brokerages. He declined to elaborate on targets in (212) 224-3045.(continued on page 11)Check www.iiwealthmanagement.com during the week for breaking news and updates.

2. Private Asset Managementwww.iiwealthmanagement.com December 1, 2008 At Press TimeUBS $1B Phoenix Team Walks EDITORIALPUBLISHINGRBC Wealth Management has lifted the $1 billion Flader TOM LAMONT MIKE FERGUS Consulting Group from UBS Wealth Management inEditor Publisher(212) 224-3266 STEVE MURRAY Phoenix. The Flader Group is made up of brothers Allan, Michael and Brian Deputy EditorARCHANA KAPURAssociate Marketing Manager Flader, and Chris Young, Jo Lane and Linda Caldwell.WENDY CONNETT(212) 224-3421 Executive EditorAllan Flader, speaking for the team, told PAM that he decided to move to(212) 224-3979LAURA PAGLIARORenewals Manager RBC because he was disheartened by the bureaucracy at his former firm andMARIANNE NARDONE(212) 224-3896 Managing Editor at large wirehouses overall. I wanted a firm that had financial stability and, (212) 224-3610 VINCENT YESENOSKYSenior Operations Manager quite frankly, after 22 years of New York-based, Wall Street firms, I wanted KRISTEN OLIVERI (212) 224-3057 Reporter something different that was more stable with open architecture, he said.(212) 224-3934 DAVID SILVASenior Fulfillment Manager To me RBC is the perfect in-between. There is a lot of flexibility but youMELISSA KARSHAssociate Reporter(212) 224-3573dont have to worry about changing the ink in the copy machine or (212) 224-3255 SUBSCRIPTIONS/STANLEY WILSONELECTRONIC LICENSES negotiating a lease. Washington Bureau ChiefOne year $2,585 (in Canada add $30postage, others outside US add $75)Flader also told PAM that he had considered going the independent route(202) 393-0728 KIERON BLACKDAN LALOR before settling on RBC, and he predicts there will be more advisors moving from Sketch ArtistDirector of Sales(212) 224-3045 the big wirehouses to regional firms as well as those striking out on their own.PRODUCTION DMITRY MELNITCHOUK Compensation did not play into the rationale for moving from UBS, he said. In DANY PEAAccount ExecutiveDirector(212) 224-3317 fact, the team took substantially less money upfront to go to a smaller regional LYNETTE STOCK, DEBORAH ZAKEN REPRINTS firm than if they had moved to another Wall Street firm or large wirehouse,ManagersDEWEY PALMIERI added Flader.MELISSA ENSMINGER,Reprint & Permission ManagerJAMES BAMBARA, DOUGLAS LEE(212) 224-3675Calls to James Van Steenhuyse, Phoenix branch director, were not returned by Associates dpalmieri@institutionalinvestor.compress time. A UBS spokeswoman would only confirm the teams departure. JENNY LO Web Production & Design Director CORPORATEGARY MUELLER ADVERTISING ANDChairman & CEOGlenmede Trust Launches Ad Campaign BUSINESS PUBLISHINGJONATHAN WRIGHTCHRISTOPHER BROWNPresidentPublisherGlenmede Trust has launched a national (212) 224-3566STEVE KURTZChief Operating Officermarketing campaign. The print and radio ERIK KOLBROBERT TONCHUKEditor, Business Publishingcampaign is running in national and regional(212) 224-3785Director/Central Operations & Fulfillment publications in Philadelphia, New York,PAT BERTUCCI, MAGGIE DIAZ,LANCE KISLING, ADI HALLERCustomer Service: PO Box 5016,Brentwood, TN 37024-5016.Ohio and Delaware, said Susan Worteck, Associate Publishers Tel: 1-800-715-9195. Fax: 1-615-377-0525UK: 44 20 7779 8023BRIAN GOLDMANdirector of marketing. These are locales wereAdvertising Production ManagerHong Kong: 852 2842 6910E-mail: customerservice@iinews.com(212) 224-3216the firm has a major presence.Editorial Offices: 225 Park Avenue South,LESLIE NG New York, NY 10003. Four print ads touting the tagline, Theres Advertising CoordinatorTel: 1-212-224-3979(212) 224-3212Email: mnardone@iinews.comno substitute for strength and stability, are Private Asset Management is arunning in The Wall Street Journal andgeneral circulation biweekly. Nostatement in this issue is to be construedregional publications. The spots feature text as a recommendation to buy or sellsecurities or to provide investment advice.that reads, We are Glenmedean independentPrivate Asset Management 2008Institutional Investor, Inc. ISSN# 726-98790investment and wealth management firmCopying prohibited without theprivately owned for over half a century. And, wepermission of the Publisher. intend to stay that way.In small text at the bottom of the ad is director of Private Client Services, Chip Wilsons contact information. Radio spots are also running through the end of the year.The firm tapped Boston-based agency Trinity Communications to create the ads, along with an internal marketing team led by Worteck. She declined to comment on the price tag for the campaign, and noted the firm is considering launching a multi-media including TV ads campaign for 2009.2Institutional Investor News 2008. Reproduction requires publishers prior permission. 3. December 1, 2008www.iiwealthmanagement.com Private Asset ManagementFirms & Services Silver Bridge Addslandscape may look different with an increased number of smaller boutique shops, multi-family offices and breakaway Development Headbrokers. I believe that market share wise a lot of the wealth willWealth advisory boutique Silver Bridge start to move to the smaller boutiques simply because of supplyAdvisors has signed on Deirdre Prescott as and demand. Clients will be willing to trade in the stability [ofdirector of client development. Prescott joins the larger firms] for personalized service and subjectivefrom Lehman Brothers Private Investmentinformation, he said.Management unit, where she was an advisorwith $300 million in assets undermanagement. Baird Grabs $600M FromDeirdre Prescott Prescott told PAM she was attracted toMerrill, UBS Silver Bridge because the firm is in growth mode and enhancingRobert W. Bairds Private Wealth Management Group has its technology capabilities. Its kind of interesting when you are nabbed more than $600 million in assets under management in at any of the wirehouse firms, you do get offers that will pay atwo separate teams for its Scottsdale, Az. office. The LPBS multitude of revenues and I just wasnt interested in making aGroup, made up of former Merrill Lynch financial advisors move like thatand be tied to a firm for a period of five to sevenMichael Lyons and Daniel Peter, Andrew Brinkman, Matthew years and selling my clients, said Prescott, who was also attractedSonder, Ted Sweeney, portfolio specialist, and assistants Maggie to