New Brand for Wealth Management Business Serving Ultra High Net Worth
MINNEAPOLIS, Apr 27, 2011 (BUSINESS WIRE) --
U.S. Bank announced today that its wealth management group will
establish Ascent Private Capital Management as the go-to-market brand
for its new ultra high net worth business unit. This new name will
provide a unique brand identity to reinforce a differentiated service-
delivery model being created for U.S. Bank's ultra high net worth
clients. U.S. Bank has long been a provider of services to this segment.
The launch of Ascent Private Capital Management will provide a new focus
and expanded capabilities for ultra high net worth clients as U.S. Bank
Wealth Management's business continues to grow. Ascent Private Capital
Management will begin opening offices in select U.S. cities later this
Richard Davis, chairman, president and chief executive officer of U.S.
Bancorp, said of the new brand launch: "U.S. Bank has made a significant
investment in its wealth management businesses since 2008. With the
launch of Ascent Private Capital Management, U.S. Bank is enhancing our
ability to serve the needs of an important client segment while
capitalizing on a terrific market opportunity."
Focus on Managing the Impact of Wealth
Ascent Private Capital Management will differentiate itself in the
marketplace by helping ultra-wealthy clients focus on the impact of
their wealth rather than simply on accumulating that wealth. Using
highly differentiated services, Ascent Private Capital Management will
work closely with clients to address a range of issues that will help
them achieve their wealth-transfer goals and establish their legacies
for this and future generations.
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. For Cole, the focus on managing the impact of wealth is
part of a growing trend from wealth accumulation to wealth impact. "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 said. "U.S. Bank will provide clients with the guidance and
tools they need to help them positively impact the world and establish
U.S. Bank Wealth Management President Mark Jordahl says that the focus
on managing the impact of wealth is relevant and timely. "Ultra high net
worth investors often realize how fortunate they've been and are now
considering how they can make a substantial, positive impact with their
wealth," he said. "They're applying investment and planning discipline
to help them make a meaningful difference and measure success."
New Services for Ultra High Net Worth Clients Address Wealth-Transfer
The United States is currently in the midst of one of the largest wealth
transfers in history - estimated to exceed $40 trillion that will
transition from one generation to another by 2050.1 Nearly 65
percent of this wealth - $27 trillion - will come from ultra high net
worth families, which represent the top 7 percent of estates by value.
Among this group, there has traditionally been a 70 percent
wealth-dissipation rate in wealth transfers to the third generation and
beyond.2 This dissipation rate has typically been caused by a
lack of communication among family members and inadequate preparation of
the next generation, among other things. Ascent Private Capital
Management will seek to differentiate itself by addressing these issues
for ultra high net worth families.
Using a fully integrated service model, Ascent Private Capital
Management will provide ultra high net worth clients with an innovative
and 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
cutting-edge "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.
About the U.S. Bank Wealth Management Group
U.S. Bank's Wealth Management Group offers investment management
services, brokerage, financial planning, private banking, personal
trust, and insurance services to a broad range of clients. The Wealth
Management Group serves ultra high net worth clients with more than $25
million in investable assets through Ascent Private Capital Management;
high net worth clients with more than $1 million in investable assets
through The Private Client Reserve; and affluent clients with more than
$100,000 in investable assets through The Private Client Group.
Brokerage services are offered through U.S. Bancorp Investments, Inc.,
and insurance services are offered through U.S. Bancorp Insurance, LLC.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $311 billion in assets
as of March 31, 2011, is the parent company of U.S. Bank National
Association, the fifth-largest commercial bank in the United States. The
company operates 3,082 banking offices in 25 states and 5,238 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Boston College Center on Wealth and Philanthropy, 2003
Roy Orville Williams and Vic Preisser, Preparing Heirs: Five
Steps to a Successful Transition of FamilyWealth and Values,
Deposit products offered by U.S. Bank National Association. Member FDIC.
Investment and insurance products are:
|Not a Deposit
||Not FDIC Insured
||Not Guaranteed by the Bank
|May Lose Value
||Not Insured by Any Federal Government Agency
SOURCE: U.S. Bank
U.S. Bank Wealth Management
Cheryl Stone, Vice President, Public Relations, 612-303-5657
U.S. Bank Media Relations
Amy Frantti, 612-303-0733