Magazine article American Banker

City National Taps U.S. Trust Exec for A New Wealth Slot

Magazine article American Banker

City National Taps U.S. Trust Exec for A New Wealth Slot

Article excerpt

City National Bank hired a former U.S. Trust and Wells Fargo executive to run its wealth management business Wednesday as the Beverly Hills bank looks to develop relationships with its wealthy clientele.

Shelley B. Thompson, 53, was named executive vice president and director of wealth management, a new post. In it, she will run the bank's wealth management business, including investment management, personal and business trust, estate and financial planning, and the broker-dealer subsidiary, City National Securities Inc. She also will direct City National Private Client Services.

Ms. Thompson said City National offers an exciting opportunity because of its reputation and strong commitment to wealth management in California. "From my experience, there are a lot of ways to grow this business by working with existing clients in this existing market and developing services specifically for them," she said.

She intends to build on City National's investment, fiduciary, and banking services and develop cross-selling opportunities through the bank.

Ms. Thompson, who will join the bank's executive committee, was chief executive officer and managing director of U.S. Trust's regional office in Minnesota. Previously, she was an executive vice president and group head of private financial services at Minneapolis-based U.S. Bancorp and an executive vice president and head of private banking at Wells Fargo Bank in Los Angeles.

To continue to expand its asset management business, City National also named Vernon C. Kozlen to the newly created post of director of asset management development. Mr. Kozlen, who was director of City National's investment management, trust, and securities brokerage division, will manage the bank's relationships with affiliated, external investment management firms and prospect for additional asset management acquisitions. …

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