People On The Move
LPL Financial has appointed Christopher Poch, 46, as executive vice president, wealth management, and chief executive officer of The Private Trust Company. Based in Boston, Poch is responsible for overseeing the development and expansion of LPL Financial's wealth management capabilities. Poch joins LPL from Smith Barney/Citigroup, where he spent nearly 25 years in various executive positions, most recently serving as managing director of Smith Barney's Private Wealth Management unit.
U.S. Trust, Bank of America Private Wealth Management has appointed Santo Vicenzino as senior fiduciary and administrative advisor and Douglas Moore as managing director and senior financial planner in the U.S. Trust Multi-Family Office (MFO) Group in New York. Vicenzino returns to U.S. Trust from Brown Brothers Harriman Trust Co. N.A., where he served as vice president and trust officer. With 27 years of experience as a trusts and estates attorney, Moore joins U.S. Trust from Citigroup, where he most recently was a managing director and head of estate and charitable planning for Citi Trust and the Citigroup Private Bank.
U.S. Trust also recently announced a dozen appointments in the greater Los Angeles market. Don Taylor, Tony Zinge, James Lee and Sue Anderson have been appointed private client advisors; Michele Shafroth, Kristin Nelson, Trevin Hartwell, Corrine Paddio, Uma Shrivastava and Kim Archer have been appointed private client managers; Kalyani Chirra has been appointed wealth strategies advisor; and Craig Burness has been appointed city executive for West and Coastal Los Angeles.
Citi Wealth Unit To Acquire SMA Trading Platform
New York City-based Citi Global Wealth Management has agreed to acquire the overlay and implementation business of Legg Mason Private Portfolio Group, which includes its separately managed account trading and technology platform.
Citi says the deal will allow it to construct portfolios with SMAs, mutual funds and ETFs in a single-account structure. Terms of the transaction were not disclosed.
Middle East Family Office Chooses Pershing
Jersey City, N.J.-based Pershing Advisor Solutions LLC has established a business relationship with the family office of the Bin Zayed Group, headquartered in Dubai and a conglomerate with business interests worldwide.
The relationship enables Pershing Advisor Solutions and its affiliate, Pershing LLC, to provide the Bin Zayed Group's family office with clearing, trading and financial services.
This is Pershing Advisor Solutions' first business relationship in the Middle East. Sheikh Khaled Bin Zayed Al Nehyan, chairman of Bin Zayed Group, said, "We selected Pershing because of their robust clearing and execution services in more than 60 markets worldwide and their expertise in developing and delivering reliable, high-quality technology solutions."
The Bin Zayed Group includes more than 20 companies in industries that include property development, information technology, health care and pharmaceuticals, home furnishings, luxury yachts, management consultancy, media and publishing and financial services.
Traditional Retirement On Hold For Many Wealthy Business Owners
Maybe it's because work is more rewarding when you own a business. Or maybe it's more difficult to walk away when you own the company.