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Reply #19: Bank of N.Y. launches new unit to serve the wealthy [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-02-06 09:09 AM
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19. Bank of N.Y. launches new unit to serve the wealthy

BOSTON (MarketWatch) -- Bank of New York Thursday said it has launched a new division within its Private Bank to deliver wealth management services to high-net-worth individuals through a team of investment advisers. The new division, Investment Advisor Services, will be headed by Stephen Doty, who has more than 25 years of private banking and portfolio management experience. The bank initially will dedicate a team of about 20 investment advisers and associates to meeting the needs of clients with investable assets of at least $1 million. As part of its effort, the Bank Thursday hired three people, formerly of Citigroup Inc.'s (C 46.53, +0.16, +0.3% ) Smith Barney unit in New York: Raymond Piacentini, Joseph Stefans and Linda Houllahan. Shares of Bank of New York (BK 34.55, +0.31, +0.9% ) rose 31 cents to $34.55 Wednesday.
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