Sector Portrait: Private Banking
Gideon T. Haymaker
- Headquarters: Orlando
- Top Florida private banking executive: Gideon T. Haymaker
- Assets under management: $140 million
- Target investor: Assets ranging from $500,000 to $10 million
- Recent news: Seaside recently raised $40 million and formed a holding company, Three Shores Bancorporation.
"We are being quite defensive in the investment area. Stocks have enjoyed an exceptional run from the March '09 lows, but headwinds in the area of employment and excessive debt still persist. We like solid dividend-paying stocks."
— Gideon T. Haymaker, president and CEO
Citi Private Bank
- Florida headquarters: Miami and Palm Beach
- Top Florida private banking executive: Mark Maller
- Assets under management: Would not disclose
- Target investor: $25 million or more net worth
- Recent news: Jane Fraser, chief executive of Citi Private Bank, was chosen as the most influential woman in finance at a Financial News event.
"We view Florida as an extremely important and growing market for ultra-high net worth clients. Accordingly, Citi Private Bank has dedicated significant resources to expanding our franchise in the state."
— Mark Maller, managing director
Fifth Third Bancorp?
- Florida headquarters: Naples
- Top Florida private banking executives: Robert Schoonmaker, senior vice president, south Florida; Mark Rhein, senior vice president, Tampa Bay; Gregory Broner, senior vice president, central Florida
- Assets under management: More than $22 billion nationally
- Target investor: Generally $1 million or more in investable assets
- Recent news: Fifth Third Bancorp reported 2009 net income of $737 million. The banking company also announced that it extended $5.4 billion in loans in November.
"The global economy in 2010 is OK, and that should allow stocks of globally based companies to drift higher as well. We believe the recovery process is too far along for a double-dip recession to start this soon. Large, multinational companies that participate in the global economy could see decent top- and bottom-line growth during the year, while companies only focused on the domestic economy could see more challenges if the Fed starts its tightening cycle. "
— John Augustine, chief investment strategist