Banking

U.S. Bancorp hires wealth management executive from JPMorgan Chase

U.S. Bancorp has hired a wealth management executive away from rival JPMorgan Chase to lead a segment offering advisory services to some of the Minneapolis company’s wealthiest clients.

Scott Ford joined U.S. Bancorp this week as president of the wealth management group’s affluent unit, which serves customers with at least $100,000 in investments or those with $250,000 to $3 million in total balances. Ford, who is based in New York, reports to Wealth Management Group President Mark Jordahl and oversees a team of 1,400 employees, including financial advisory teams located across U.S. Bancorp’s 26-state footprint.

Scott Ford, new president of the affluent unit in U.S. Bancorp’s wealth management group, “has a passion for developing talent as well as building teams and sustainably high-performing businesses,” his boss says.

“Scott knows firsthand how to effectively collaborate across an organization like ours in order to bring value-added solutions to clients,” Jordahl said Wednesday in a news release. “He has a passion for developing talent as well as building teams and sustainably high-performing businesses.”

Ford was most recently a regional director of wealth management at JPMorgan, where he was in charge of the New York area. Before joining JPMorgan in 2012 as a market director, he was senior vice president of wealth management for Citigroup’s personal wealth management unit.

Ford succeeds Mike Ott, who left the bank last summer to be chief investment officer of Optum Financial, a division of UnitedHealth Group in Minneapolis, according to his LinkedIn profile.

U.S. Bancorp’s wealth management group — which includes two other segments, “private” for clients with a net worth up to $75 million and “ascent” for those whose net worth tops $75 million — is one of four businesses within the company’s wealth management and investment services division. The group’s assets under management totaled $239 billion as of Dec. 31.

In a move to help raise the company’s profile on the West Coast, it recently bought a debt-servicing and securities custody portfolio from MUFG Union Bank. The deal includes about $320 billion of assets under management and could add 600 new clients.



 

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