First Citizens Bank, a regional bank based in Raleigh, North Carolina, announced on Wednesday that it is restructuring its wealth management division following the acquisition of SVB Private in March. The restructuring includes a leadership overhaul, merging executives from both First Citizens' wealth business and SVB's private banking and wealth management unit.
The restructuring comes after the collapse of Silicon Valley Bank earlier this year, which led to many advisors at SVB Private moving to other Registered Investment Advisors (RIAs) and large brokerage firms. First Citizens agreed to acquire SVB's $72 billion assets at a $16.5 billion discount in late March, making it one of the largest bank collapses since the 2008 financial crisis.
Michael Wilson, who has led First Citizens Wealth for a decade, will now oversee both SVB Private and First Citizens Wealth. The combined wealth management group encompasses about 900 advisors managing more than $50 billion in client assets.
In addition to Wilson, Brent Ciliano will serve as Chief Investment Officer (CIO) for the combined organization, Marc Horgan will oversee personal wealth sales, and Robert Nentwig will lead private banking and lending. Nerre Shuriah will lead wealth planning, Phillip Strickland will head institutional sales, Gerald Banker will direct personal trust services, and Steve Gilland will manage private banking operations and integration. George Shehata will oversee strategy while David Biliter continues to lead investor services.
"With our acquisition of SVB Private, it is logical and appropriate to bring our wealth and private banking activities together under a unified leadership structure," said Hope Holding Bryant, First Citizens’ vice chairwoman and the lead executive for its General Bank. "I am confident this approach will accelerate our ongoing efforts to support institutions, families and individuals with the personalized service and resources they need to grow, manage and preserve their wealth."
The fallout from SVB's collapse also affected other banks, including Signature Bank (OTC:SBNY) which was acquired by New York Community Bancorp (NYSE:NYCB). Meanwhile, First Republic Bank (OTC:FRCB) and Credit Suisse (SIX:CSGN) were bought by JP Morgan (NYSE:JPM) and UBS respectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.