Grove: How much investing is done in-house?

Fuhs: We believe there is a natural conflict in the traditional roles of trustees and money mangers. With the exception of some fixed
income and cash management accounts, we do not manage assets at the private bank, nor do we create proprietary investments for the sole purpose of selling them to our clients or other investors.

However, clients recently have asked to invest in hedge funds and private equity along side the bank's capital markets group. In response to these requests, we structured a fund that attempts to mirror those investments. The cost of our structuring this fund is subordinated to our clients' receiving a minimum return.

Grove: Given your name, will New York continue to be your only location?

Fuhs: Local service is imperative when dealing with the ultra-affluent and we are in the process of expanding our presence on a state-by-state basis to capture the specific business opportunities in each community. Case in point, we've just hired Diana Cantor as the president and CEO of Virginia Private Bank & Trust. She has an impressive background in financial services and is probably best known for her development and advocacy work on 529 college savings plans.

Grove: Do you have other regional locations?

Fuhs: We've identified two locations in the Midwest that we're in the process of opening. In fact, we've just named Kurt Miscinski from the private wealth management division of Deutsche Bank as the president and CEO of Chicago Private Bank & Trust. Irv Leonard, a former partner at the Cleveland-based law firm Jones Day, will be his counterpart at Ohio Private Bank & Trust. Right now we like the potential in Houston and parts of California and Arizona, as well.

Grove: What other unique things are you doing?

Fuhs: We're starting a business focused exclusively on the private banking needs of professional athletes and entertainers-All Pro Private Bank & Trust. We think there's a big opportunity to make a difference in this market segment and are very excited about it.

Grove: Coincidentally, I've just co-authored a book called Fame & Fortune about the unique financial concerns of high-profile wealth. What are the issues that you find most prominent among athletes?