US Bank's Ascent Private Capital Management, the unit that caters for clients with at least $50 million in assets, has launched a family office in Cincinnati, OH, with plans to open its doors in San Francisco and San Diego next year, local media reports.
In an interview with Business Courier, regional managing director Chuck Stutenroth said the Cincinnati area has a vast high net worth population, especially of those who own businesses. However, “wealthy folks in Cincinnati have not had a lot of options,” he is quoted as saying.
The local office has already added some clients who previously dealt with US Bank’s Private Client Reserve wealth management unit. It also took on a new local client worth over $100 million who joined Ascent from Fifth Third Bank’s Mirador Family Wealth Advisors, Stutenroth added.
Michael Cole, the firm's San Francisco-based president, reportedly said that the 60 relationships it has nationally average about $200 million in net worth each.
Ascent's three other regional family offices are located in Minneapolis, MN, Denver, CO, and Seattle, WA. US Bank has said in its previous announcements that Ascent caters to individuals with at least $25 million in investable assets. However, it appears from the interview that the firm has increased this to $50 million.
US Bank had not confirmed details of the move to Family Wealth Report in time for publication.
While Ascent serves US Bank's UHNW clients, the company also has a division called the Private Client Reserve, which targets HNW clients with more than $1 million in investable assets, as well as a mass affluent offering, specializing in individuals with over $100,000 in investable assets - the Private Client Group.