US Bank, based in Minneapolis and the fifth-largest US commercial bank, has established Ascent Private Capital Management as its new ultra high net worth business unit focusing on wealth management.
“U.S. Bank has made a significant investment in its wealth management businesses since 2008, says Richard Davis, chairman, president and CEO of US Bancorp. With the launch of Ascent Private Capital Management, US Bank is enhancing our ability to serve the needs of an important client segment while capitalizing on a terrific market opportunity.”
Ascent Private Capital Management is led by Michael Cole, president, who was the former head of Wells Fargo Family Wealth Group and Wealth Planning Center.
Many ultra-wealthy individuals are riding the wave of global responsibility and proactively using their wealth to make a positive impact on the world,” Cole says. “US Bank will provide clients with the guidance and tools they need to help them positively impact the world and establish their legacy.”
Ascent Private Capital Management will provide ultra high net worth clients with a personalized client-service model that combines traditional wealth management offerings (financial planning; investment consulting; private banking; trust and estate administration services; information management; and financial administration and bill pay) with “wealth impact” services to help some of the country’s wealthiest families with family governance and risk management; family dynamics; multi-generational wealth planning; leadership and communication assessment; strategic planning; education; and stewardship.
(CG)