SVB Private Bank Expands Wealth Management Team

Rhea-AI Summary

SVB Private Bank (Nasdaq: SIVB) has expanded its wealth management team by hiring senior managing directors Natalya Alexei and Vishal Wadhwa, along with 12 advisors, including four from Northern Trust. This strategic addition follows SVB Financial Group's acquisition of Boston Private in July 2021, enhancing the bank's ability to serve high-net-worth clients in sectors like technology and venture capital. CEO Anthony DeChellis emphasizes the team's expertise in addressing unique financial challenges for entrepreneurs and investors.

Positive

• Expanded wealth management team with hiring of 12 new advisors.
• Acquisition of expertise in serving high-net-worth clients.
• Strategic growth following Boston Private acquisition.

Negative

• None.

SANTA CLARA, Calif., Nov. 10, 2021 /PRNewswire/ -- SVB Private Bank (Nasdaq: SIVB), a leading provider of private banking, wealth management and trust services, today announced it has bolstered its wealth management team, hiring senior managing directors Natalya Alexei and Vishal Wadhwa. A total of 12 advisors, including four individuals from Northern Trust, have joined SVB Private Bank since the close of SVB Financial Group's acquisition of Boston Private in July 2021. The new hires bring deep expertise serving high- and ultra-high- net worth clients, including those in the technology, life science, venture and private equity sectors.

SVB Private Bank is one of SVB Financial Group's four core businesses, along with Silicon Valley Bank, SVB Leerink and SVB Capital, and provides a full spectrum of wealth, trust and private banking services dedicated to helping clients simplify and strengthen their financial positions. 

"Natalya and Vishal are talented advisors with a deep understanding of the unique financial opportunities and challenges entrepreneurs and investors experience," said Anthony DeChellis, CEO of SVB Private Banking & Wealth Management. "We're proud to grow our team with advisors who exemplify SVB Private Bank's client-first, advice-driven philosophy, and will help us to deliver our wealth management expertise to more people in the innovation economy."

Prior to joining SVB, Alexei and Wadhwa served as managing directors at Wells Fargo Private Bank, formerly Abbot Downing, where they led the ultra-high-net-worth private banking business in Northern California and the Pacific Northwest. Before Abbot Downing, Alexei spent 11 years at Citi Private Bank. Wadhwa previously held leadership positions at Bank of America Private Bank and Citi Private Bank. In addition to Wadhwa and Alexei, Thomas Abramo joined SVB Private Bank as a managing director. Abramo spent 10 years with Abbot Downing, most recently as senior vice president, managing multi-asset class portfolios for family office clients.

Ryan Fox, Brandon Frandsen, Flavia Trento and Winnie Yam joined the team from Northern Trust in September. The advisors have extensive experience delivering wealth management advice and solutions to entrepreneurs and investors in the Bay Area. They each bring deep technical expertise in the sophisticated wealth management, investment and private banking needs of those with complex situations.

SVB Private Bank plans to hire additional advisors in 2022 to support continued growth of its business and the innovation economy.

About SVB Private Bank
SVB Private Bank offers a full range of wealth management, trust, brokerage and investment management, and banking services designed for the specialized financial needs of entrepreneurs, executives and investors behind the world's most innovative companies. SVB Private Bank is one of SVB Financial Group's (Nasdaq: SIVB) core businesses. Learn more at svb.com/private-bank. [SIVB-C]

Boston Private Bank and Trust Co. has been merged into and is now Silicon Valley Bank. Banking, lending and trust products or services under the name Boston Private are offered by Silicon Valley Bank, a California bank with trust powers. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB) and a member of the Federal Reserve System and the FDIC.

SVB Wealth Advisory (member FINRA and SIPC; SEC-registered investment adviser) offers brokerage and investment management products and services, and is a wholly-owned, non-bank subsidiary of Silicon Valley Bank. Boston Private Wealth LLC (an SEC-registered investment adviser) offers wealth management services and is also a wholly-owned, non-bank subsidiary of Silicon Valley Bank.

Products offered by SVB Wealth Advisory, Inc.:

Are not insured by the FDIC or any other federal government agency

Are not deposits of or guaranteed by a bank

May lose value

 

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SOURCE Silicon Valley Bank

FAQ

What recent changes occurred at SVB Private Bank as of November 2021?

SVB Private Bank expanded its wealth management team by hiring senior managing directors Natalya Alexei and Vishal Wadhwa, along with 12 other advisors.

How many advisors has SVB Private Bank hired since the Boston Private acquisition?

SVB Private Bank has hired a total of 12 advisors since acquiring Boston Private in July 2021.

What sectors do the new advisors at SVB Private Bank specialize in?

The new advisors at SVB Private Bank specialize in serving high- and ultra-high-net-worth clients in technology, life sciences, venture capital, and private equity sectors.

What is the stock symbol for SVB Private Bank?

The stock symbol for SVB Private Bank is SIVB.

What does SVB Private Bank aim to achieve with its recent hires?

SVB Private Bank aims to enhance its wealth management capabilities and better serve clients in the innovation economy with its recent hires.