Two major banks recently bolstered their wealth management businesses in California, with new executive hires in Los Angeles.
Atlanta-based SunTrust Banks Inc. recently expanded its private wealth management practice in California and named a new market president, Amir Mossanen, based in Los Angeles.
There was no market president prior to Mossanen’s appointment.
In an interview, Mossanen said that he will oversee the private wealth management practice as well as partner with the corporate investment banking team and the Sports and Entertainment Group.
SunTrust also has a wealth management team in San Diego and investment strategist in San Francisco.
The Century City-based SunTrust offices, located at 1999 Avenue of the Stars, employs roughly 20, according to Mossanen.
“L.A. is a large market for any wealth business. This is part of SunTrust’s expansion, where they realized we were underrepresented,” he said.
Prior to SunTrust, Mossanen served as managing director and wealth advisor at Wells Fargo Private Bank.
The expansion of SunTrust Private Wealth management in California comes on the heels of SunTrust opening wealth management offices in Cincinnati and Cleveland in August 2018.
In another move, Deutsche Bank Wealth Management announced two senior hires on the West Coast.
Richard Aguiar joins Deutsche as a managing director and private banker based in Los Angeles, while Wendy McMillan joins as a managing director and private banker based in San Francisco.
Aguiar was formerly a senior relationship manager at U.S. Trust, while McMillan most recently was with Wells Fargo Securities Group, where she was a managing director in the Investment Solutions Group.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.