US-based Umpqua Private Bank is planning to scale its business, according to Kelly Johnson, the executive vice president of the wealth management division, bankinvestmentconsultant has reported.
After having gained more than 300 clients with an average of $1.4m in deposits, loans and trust and investment assets since its launch in August 2009, the bank is now looking to branch out beyond Portland to San Francisco and Seattle, where many millionaires, the bank’s target clients, reside.
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Johnson is aiming to grow the bank’s overall portfolio balances of about $425m to more than $4bn in the next five years, and he believes that the goal is very achievable with the right hires.
He plans to add 20 to 25 private bank advisors over the next five years, to the current five now on staff.
"That takes our business from where we are today to more than 10 times in five years," bankinvestmentconsultant quoted Johnson as saying.
Johnson had joined the Umpqua Bank in January 2009 from RBC Wealth Management to lead the then newly formed wealth management division. And since then, he has focused on establishing the bank’s core service components, which consists of wealth management, fiduciary services and financial planning.
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