Wachovia to Grow Private Banking Unit

Yesterday, Wachovia announced plans to double its private banking unit by 2010.
Previously known as the Private Advisory Group, the 240 Private Banking relationship managers will more than double over the next three years, the company said, with hiring to take place in high-growth markets such as Florida, Texas, California and New York. Private Banking relationship managers will partner with the 1,300 financial advisors in the Investment Services Group of Wachovia Securities to serve the investment needs of the affluent market.
This group will be led by Morrison Creech, who has been named managing executive, Private Banking, who will be responsible for the overall strategy, growth and performance of Private Banking. Previously, bankers who served this segment reported through Wachovia’s retail bank. Creech joined Wachovia in 2003 and previously served as managing executive of Credit and Deposit Services in Wealth Management.
Wachovia, the fifth largest U.S. wealth manager, also announced that, beginning Jan. 1, 2008, the threshold for new Wealth Management clients will move up from $2 million to $5 million or more in investable assets.