Mellon Financial Corporation has formed a new unit within its private wealth management group, responsible for setting strategies and practices for sales, marketing and client service.
Leading this effort, and promoted to vice chairman for the group is Craig Sutherland, formerly national director and head of private wealth management’s Eastern markets. Lawrence Hughes, formerly chief operating officer for private wealth management, has been promoted to executive director for the firm’s Eastern private wealth management markets.
Both Hughes and Sutherland are based in Mellon’s Private Wealth Management group headquarters in Boston.
“Craig, given his uncommon industry experience and his proven success in both client service and sales management for our business; and Larry, with his strong client focus and exceptional leadership skills, are both ideal for these challenges,” said David Lamere, president of private wealth management and vice chairman for the corporation.
Identified as a high opportunity area for Mellon, the private wealth management group will benefit from additional investments toward the goal of accelerating growth in this strategic line of business.
“The next few years will be an exciting time for us at Mellon,” continued Lamere. “Thanks to the success we’ve had over many years, and the extra commitment our corporation has made to private wealth, we are now poised for even greater success ahead. I’m grateful to have Craig, Larry, and their talented teams ready to lead our efforts as we move toward our goal of being the nation’s premier wealth manager.”
Before assuming his vice chairman role, Sutherland was national director of portfolio management and new business development for the private wealth management group’s Eastern markets. He also has held senior management positions as head of portfolio management for all of private wealth management, and president of its portfolio management group in Florida.
Prior to joining Mellon in 1999, Sutherland held various senior sales and management positions at Sanford C. Bernstein & Co. (1996 to 1999), and Northern Trust in Florida (1992 to 1996).
Hughes’ new responsibilities as executive director for Mellon’s Eastern regions will encompass oversight of 51 offices in Massachusetts, Rhode Island, New York, New Jersey, Pennsylvania, Ohio, Delaware, Maryland, Georgia and Florida. Hughes had been chief operating officer of Mellon’s Private Wealth Management group since 2002.
Hughes, who joined Mellon in 1991, held previous positions as manager of the organization’s portfolio management group in the northeastern United States; manager of a fixed income portfolio for The Boston Company, another Mellon subsidiary; and chief financial officer of the firm’s private client group.