Sector Portrait: Private Banking
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
"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
- 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.
"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.
"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