U.S. Trust has appointed Rowland (Chip) Bankes as head of trading and Stephen Doty as investment executive of its northeast division, based in New York.
In announcing Bankes’s appointment on Friday, July 16, and Doty’s on Monday, July 19, the firm said the new hires were part of an ongoing talent acquisition campaign designed to enhance service capabilities for ultra high-net-worth clients in key markets across the U.S. and expand U.S. Trust’s leadership position in the wealth management industry.
Bankes joins U.S. Trust from R.W. Pressprich, where he was managing director and led the capital structure sales effort in Boston. Before that, he held several senior leadership positions at Putnam Investments.
At U.S. Trust, Bankes will lead a team of 15 professionals and be responsible for managing all aspects of equity, fixed income and custody trading. In addition, he will oversee the development, implementation and execution of trading strategies within the investment process to the marketplace. As well, he will be responsible for the overall communication and relationships of the U.S. Trust Trading Platform with internal and external counterparties.
Doty comes on board from Bank of New York Mellon, where he was national director of portfolio management and served on the firm’s investment strategy and policy committees. Prior to Bank of New York Mellon, Doty served as Deutsche Bank’s head of portfolio management, chief trust investment officer and a member of the domestic investment strategy group.
In his new role at U.S. Trust, he will lead the investment professionals in the Northeast. That region is the firm’s biggest market as ranked by assets under management and revenue, according to the statement.
Michael S. Fischer (email@example.com) is a New York-based financial writer and editor and a frequent contributor to WealthManagerWeb.com.