Johnson Financial Group, the parent company of Johnson Bank, is reportedly seeking to double its wealth management business to $12 billion over the next three to five years.
To achieve the same, Johnson Financial Group has appointed Kevin Tan as chief investment officer. Tan previously served as senior vice president with The Northern Trust, reported Milwaukee Journal Sentinel.
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Johnson Financial is also planning to add to its staff of investment professionals.
Currently, Johnson’s wealth management unit has almost $6 billion in assets under administration.
Thomas Bolger, president and chief executive of Johnson Financial Group said that its wealth management unit accounts for about 10% of revenue for the company, up from 8% two years ago.
"We’d love to see it grow to somewhere in the neighborhood of 20% of our revenue," Bolger said.
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By GlobalDataBolger added that the bank will seek loan customers including owners of privately held businesses, and insurance customers for wealth management services like financial, retirement and estate planning and trust management.
The publication quoted Daniel Kaminski, executive vice president of wealth for Johnson Financial Group, as saying that the unit has clients with investable assets from $500,000 to $100 million, while its general target is clients with assets of $1 million to $10 million.
Kaminski said that Johnson has hired about 10 people in its wealth management staff in the Green Bay-Appleton market, and another six in Phoenix, Arizona.
Bolger added that Johnson Financial Group would consider acquiring a wealth management firm to meet its growth objectives.
