April 16, 2014

Sector Portrait: Private Banking

Richard Westlund | 4/1/2010

Gibraltar Private Bank & Trust

  • Florida headquarters: Coral Gables
  • Top Florida private banking executive: Steven D. Hayworth
  • Assets under management: $792 million
  • Target investor: No minimum
  • Recent news: A group of private investors organized by Hayworth purchased 100% ownership of the bank from Boston Private Financial Holdings.

Steven D. Hayworth
Steven D. Hayworth

"Until we get some real clarity on unemployment, I believe the U.S. equities market will be volatile. Most analysts expect equities to be flat in 2010, perhaps ending the year a little bit lower."

— Steven D. Hayworth, chairman and CEO, Gibraltar Private Bank & Trust



SunTrust Banks

  • Florida headquarters: Orlando
  • Top Florida private banking executive: Debora M. Carswell
  • Assets under management: $31.4 billion statewide
  • Target investor: Individuals or families with investable assets of $1 million or more
  • Recent news: SunTrust has introduced LiveSolid.com, an online resource center.
Debora Carswell
Debora Carswell

"Our strategists see the momentum behind the economic recovery accelerating, and we believe the equity markets will climb a 'wall of worry' in 2010. Bond prices will likely see downward pressure from rising interest rates, especially in the second half of the year. On a relative basis, we favor corporate bonds over U.S. Treasuries."

— Debora Carswell, group executive
vice president and line of business manager


J.P. Morgan Private Bank

  • Florida headquarters: Miami
  • Top Florida private banking executive: Alvaro Martinez-Fonts
  • Assets under management: $20 billion in Florida; $400 billion nationwide
  • Target investor: No set minimum for high net worth investors
  • Recent news: Client assets increased by 12% to $683 billion worldwide in 2009. The bank gained 15% net new clients over the year and was named Euromoney's No. 1 private bank globally for ultra-high net worth individuals.
Alvaro Martinez-Fonts
Alvaro Martinez-Fonts

"For 2010, we expect a synchronized global economic recovery. Equity markets will likely offer positive returns given low inflation and a strong earnings outlook. We still expect elevated volatility and are tilting our equity holdings to the U.S. and Asia (excluding Japan) over Europe."

— Alvaro Martinez-Fonts, CEO

Tags: Banking & Finance

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