Bull Bear Report Feb 02 2010

Invesco Unit Hiring Wealth Managers

By jodi xu

Atlantic Trust, a private wealth management unit of Invesco, is on the hunt for senior wealth managers as part of its push for growth.

The firm is hoping to scoop up top talent amid the churn in the industry, according to a company spokesman.

"The massive reshuffling among the wealth managers is never seen before," said Bill Hensel, director of media relations at Invesco. "It is like musical chairs right now."

Atlantic Trust is looking to add senior-level managers that will bring in new business. It plans to expand in Boston, New York, and Houston targeting high-net-worth individuals and families. The company has 11 regional offices and plans for more are in the works.

The company recently hired Aaron N. Newland, formerly with Santa Ana, Calif.-based First American Trust, as business-development vice president for its Newport Beach, Calif., office. Atlantic also hired Christine L. Lucero as associate vice president and wealth strategist for its Boston office. She had been an estate and stock-option specialist in Fidelity's Private Client Group. Last month, Atlantic Trust added two relationship managers in Washington, D.C., and one in Austin, Texas.

Atlantic Trust is the result of Invesco's acquisitions of Boston-based Pell Rudman Trust Co., New York-based Whitehall Asset Management and Chicago-based Stein Roe Investment Council. It had $15.2 billion in assets under management as of Dec. 31.

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