Wachovia, the fifth largest U.S. wealth manager, has named Morrison Creech as managing executive, Private Banking, and announced plans to expand the group's presence throughout its footprint by more than doubling its number of Private Banking relationship managers.
Creech will lead a team of Private Banking relationship managers, previously known as the Private Advisory Group, that currently numbers 240 and will more than double over the next three years. Hiring is targeted to take place in high-growth markets throughout the Wachovia footprint, including Florida, Texas, California and New York. Private Banking relationship managers will partner with the 1,300 financial advisors in the Investment Services Group of Wachovia Securities to serve the investment needs of the affluent market. Growth in the number of American households with $250,000 to $5 million in investable assets is projected to increase 30 percent from 14 million in 2005 to 18 million by 2010.
