Magazine article American Banker

Bank One to Put Private Bank under Asset Management Unit

Magazine article American Banker

Bank One to Put Private Bank under Asset Management Unit

Article excerpt

Bank One Corp. of Chicago has released details of plans to merge private banking into its asset management arm, as several large banking companies have already done.

Banc One Wealth Management -- which will combine the sales and services operations of the private banking, personal trust, retail brokerage, and insurance groups - is to be up and running in January. The division plans to cater to clients with investment and credit needs of more than $1 million, said a spokeswoman for the $256 billion-asset banking company.

Banc One Wealth Management is to be a part of Banc One Asset Management, as Banc One Investment Management Group would then be known. David J. Kundert will remain chairman and chief executive of the renamed unit, which also includes Wingspan Investments, the Internet bank; Banc One Securities Corp., the brokerage that will be renamed Banc One Investment Services; and Banc One Institutional Investment Services, which provides products and services to institutions.

The whole purpose is to be more client-centered, the spokeswoman said. Mr. Kundert said in a July 22 memo to employees that the changes resulted from a three-month integration initiative. He was on vacation and could not be reached to comment.

Merging private banking into asset management has been a trend among banks in recent years. A few weeks ago Citigroup Inc. said it would combine its private banking, asset management, and emerging-market pension funds into a single unit. Royal Bank of Canada and Harris Bankcorp., a subsidiary of Bank of Montreal, have also combined their private banking and asset management units, said David Ross Palmer, a consultant to the affluent market. …

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