SAN FRANCISCO, Aug 29, 2011 (BUSINESS WIRE) --
U.S. Bank, a leading provider of wealth management and private banking
services, announced today that Jonathan Firestein has been appointed the
head of private capital for Ascent Private Capital Management of U.S.
Bank, a unit of U.S. Bank's Wealth Management Group that serves ultra
high net worth clients with more than $25 million in individual or
Firestein will lead the effort to construct the private capital
investment platform for Ascent clients, including global investment
strategies in venture capital, buyouts, private debt, real estate and
real asset investment funds. He will also build the "impact" investment
platform for Ascent clients, identifying global opportunities for
clients to pursue investment opportunities with social and environmental
impact as well as potential financial returns. Firestein will report to
Kurt Silberstein, Ascent's head of alternative investments.
"Jonathan's previous experience in leading the construction of a global
private capital investment platform and his focused experience in
private equity make him well suited for this position," Silberstein
said. "Additionally, his background in economics provides him with a
macro-economic perspective to guide the selection of private capital
Firestein brings more than 14 years of investment and business
development experience to the Ascent investment team, including
extensive experience in leveraged buyouts. He previously served as
director of research for Wells Fargo Family Wealth and as a senior
associate at Rigel Associates, a California-based private equity firm.
Firestein earned a Masters of Science degree in economics and a Masters
of Business Administration from Arizona State University. He graduated
from the University of Arizona with a Bachelor of Arts degree in
Firestein joined Ascent on August 8, 2011, and will work at the U.S.
Bank office located at One California Street in San Francisco.
About Ascent Private Capital Management
Ascent Private Capital Management of U.S. Bank (ascent.usbank.com) helps
individuals and families with significant wealth focus on the impact of
their wealth rather than simply on accumulating that wealth. Ascent's
unique service delivery model combines traditional wealth management
offerings - financial planning; investment management; private banking;
trust and estate services; and financial administration - with
cutting-edge "wealth impact" services that may help some of the
country's wealthiest families with family governance, family dynamics,
and multigenerational wealth planning and education.
About U.S. Bank Wealth Management
U.S. Bank Wealth Management offers comprehensive wealth management
solutions, including investment management, brokerage, financial
planning, private banking, personal trust and insurance services for
individuals, families, and their foundations. Ascent Private Capital
Management serves ultra-high-net-worth clients with more than $25
million in investable assets; The Private Client Reserve
(privateclientreserve.usbank.com) serves high-net-worth clients with
more than $1 million in investable assets; and The Private Client Group
serves affluent clients with more than $100,000 in investable assets.
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
U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30,
2011, is the parent company of U.S. Bank, the fifth-largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,086 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
Deposit products offered by U.S. Bank National Association. Member FDIC.
Credit products offered by U.S. Bank and subject to normal credit
Investment products are:
|Not a Deposit
||Not FDIC Insured
||Not Guaranteed by the Bank
|May Lose Value
||Not Insured by Any Federal Government Agency
Insurance products, including annuities, are available through U.S.
Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in
Montana: U.S. Bancorp Insurance Services of Montana, Inc., and in
Wyoming: U.S. Bancorp Insurance & Investments, Inc. All are licensed
insurance agencies and subsidiaries of U.S. Bancorp and affiliates of
U.S. Bank. Insurance and annuity policies are underwritten by
unaffiliated insurance companies and may not be available in all states.
California Agency #OE24641. U.S. Bank is not responsible for and does
not guarantee the products, services, or performance of its affiliates.
Alternative investments, such as those mentioned above, very
often use speculative investment and trading strategies. There is no
guarantee that the investment program will be successful. Alternative
investments are designed only for investors who are able to tolerate the
full loss of an investment. These products are not suitable for every
investor even if the investor does meet the financial requirements. It
is important to consult with your investment professional to determine
how these investments might fit your asset allocation, risk profile, and
tax situation. Hedge funds are speculative and involve a high
degree of risk. An investment in a hedge fund involves a substantially
more complicated set of risk factors than traditional investments in
stocks or bonds, including the risks of using derivatives, leverage, and
short sales, which can magnify potential losses or gains. Restrictions
exist on the ability to redeem units in a hedge fund. Investments in private
equity are illiquid by nature and typically represent a long-term
binding commitment. The investments made by private equity funds are not
readily marketable and the valuation procedures for these positions are
often subjective in nature. Investments in real estate securities
can be subject to fluctuations in the value of the underlying
properties, the effect of economic conditions on real estate values,
changes in interest rates, and risks related to renting properties (such
as rental defaults).
SOURCE: U.S. Bank
U.S. Bank Wealth Management
Cheryl Stone, Vice President, Public Relations, 612-303-5657
U.S. Bank Public Relations
Amy Frantti, 612-303-0733