People's United Advisors Expands Wealth Team; Appoints Tom Ehrhardt as Senior Vice President and Head of Private Banking

Rhea-AI Summary

People's United Advisors has appointed Tom Ehrhardt as Senior Vice President and Head of Private Banking, effective February 1, 2021. Ehrhardt, who previously led lending operations at Oaknorth U.S. and held senior roles at First Republic, brings extensive experience in managing substantial loan portfolios. His responsibilities will focus on oversight, expansion, and revenue growth across lending, deposit, and asset management sectors. This strategic appointment aims to enhance PUA's private banking services and support its growth trajectory.

Positive

• Appointment of Tom Ehrhardt, a seasoned executive with a strong background in private banking and credit management.
• Ehrhardt's focus on expanding revenue and enhancing client relationships could strengthen PUA's market position.

Negative

• Potential concerns about continuity in leadership, given the recent management change.

BRIDGEPORT, Conn., Feb. 1, 2021 /PRNewswire/ -- People's United Advisors (PUA), the registered investment adviser of People's United Bank (NASDAQ: PBCT), today announced the appointment of Tom Ehrhardt as Senior Vice President and Head of Private Banking. Ehrhardt will be responsible for oversight, expansion, and revenue growth for the lending, deposit, and asset management segments of PUA.

Ehrhardt joins People's United from Oaknorth U.S., where he was Head of Credit. While at Oaknorth, he started their lending operations in the US and supported a team of five Debt Finance Directors and two underwriters to negotiate, structure and price C&I, commercial real estate, and construction loans. Prior to that, he spent nearly two decades at First Republic, most recently as VP, Senior Credit Officer, where he managed a loan portfolio of more than $30 billion and a team of ten Credit Officers in Boston and New York. Before that, Ehrhardt served in senior credit roles of increasing responsibility at IBJ Whitehall Financial Group, CitiCorp, and the former Fleet Financial Group (now Bank of America).

"Our Private Bank has grown considerably with a focus on personalized financial solutions, expert investment advice, risk mitigation and listening to and understanding clients' unique needs," said Michael Boardman, EVP, Head of Wealth Management, People's United Bank. "Tom's experience and proven leadership abilities will play a critical role in driving our Private Banking business strategy forward."

Tom is a graduate of University of Rhode Island and earned his MBA from Long Island University in New York.

"I am excited to join the dynamic team at People's United Advisors at a time of tremendous growth and brand expansion and look forward to helping expand the Private Banking business," said Ehrhardt. "With a strong infrastructure already in place, and a consistent focus on quality investment solutions coupled with the delivery of innovative banking technology, my goal is to take a collaborative approach to strengthen existing, and build new client relationships."

People's United Advisors is the registered investment advisor of People's United Bank, and provides investment, trust, and retirement solutions for individuals, families, and their businesses. With expert advisors locally based throughout the Northeast, PUA serves as a fiduciary for clients and is dedicated to serving their best interests. PUA's mission is to build investment and wealth solutions customized to clients' unique goals, objectives, risk profiles, and time horizons.

About People's United Bank

People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $63 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

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SOURCE People's United Bank

FAQ

Who is Tom Ehrhardt and what is his role at People's United Advisors?

Tom Ehrhardt is appointed as Senior Vice President and Head of Private Banking at People's United Advisors, responsible for overseeing and expanding the private banking services.

What experience does Tom Ehrhardt bring to People's United Advisors?

Ehrhardt has substantial experience in credit management, having previously led lending operations at Oaknorth U.S. and managed a loan portfolio exceeding $30 billion at First Republic.

What are the goals for Tom Ehrhardt in his new position?

Ehrhardt aims to drive revenue growth, support lending and deposit services, and strengthen client relationships within the Private Bank.

When was Tom Ehrhardt appointed at People's United Advisors?

Tom Ehrhardt was appointed on February 1, 2021.

How does this appointment affect People's United Bank's Private Banking services?

Ehrhardt's appointment is expected to enhance the private banking services, focusing on personalized financial solutions and innovative banking technology.