U.S. Bank Re-Brands Ultra-HNW Group

U.S. Bank said Wednesday that its wealth-management group had launched Ascent Private Capital Management as its brand for a new ultra-high-net-worth business unit. Ascent is being led by Michael Cole, the former head of Wells Fargo Family Wealth Group and Wealth Planning Center.

“Many ultra-wealthy individuals are riding the wave of global responsibility and proactively using their wealth to make a positive impact on the world,” said Cole (left) in a statement. “U.S. Bank will provide clients with the guidance and tools they need to help them positively impact the world and establish their legacy.”

Ascent – now in the process of adding to its management team and hiring advisors — should be opening offices later this year in existing U.S. Bank locations in Minneapolis, when the bank is based, and in Denver, according to Stone. Ascent’s operations are based in San Francisco.

“The launch of Ascent Private Capital Management will provide a new focus and expanded capabilities for ultra-high-net-worth clients as U.S. Bank Wealth Management’s business continues to grow,” said spokesperson Cheryl Stone of U.S. Bank in a phone interview on Thursday. The group also aims to help clients achieve their wealth-transfer goals and establish their legacies for future generations, she explains.  

In addition to serving ultra-high-net-worth clients through Ascent, U.S. Bank’s Wealth Management Group focuses on high-net-worth clients with more than $1 million in investable assets through its Private Client Reserve group and affluent clients with more than $100,000 in investable assets through its Private Client Group. The unit has some $60 billion in assets under management, which is split roughly evenly between the three segments.