Fidelis Capital has appointed Herb Achey, formerly of U.S. Trust / Bank of America Private Bank, as a partner.
Achey joins after a 30-year career at U.S. Trust / Bank of America Private Bank, where he most recently worked as an investment strategist overseeing more than $2bn in client assets.
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During his time there, he was involved in consumer equity research and stock allocation decisions for actively managed accounts.
He also worked on equity portfolios for wealthy families and institutions, including strategies built around concentrated holdings.
At Fidelis, Achey becomes part of an investment committee that includes several former Bank of America and Wells Fargo Private Bank executives.
He will also work with Neale Ellis, founding partner and co-chief investment officer, and Chris Gunster, partner and head of fixed income, both former colleagues from U.S. Trust / Bank of America.
Fidelis Capital founding partner, CEO and wealth planning head Rick Simonetti said: “When we started Fidelis Capital almost four years ago, we wanted to return to the original promise of private banking—treating clients like family and serving their unique needs.
“Herb could have started his own firm or had his pick of other opportunities, but he joined Fidelis because he recognised we’ve built something special. I truly believe you couldn’t build your own family office with our calibre of talent.”
Before joining U.S. Trust, Achey spent three years at Wells Fargo as a high-net-worth portfolio manager.
Earlier roles included five years at Bethlehem Steel Pension Trust as head of equity research and portfolio management, where he oversaw $3bn in internally managed assets, and five years at PNC Bank as a high-net-worth portfolio manager.
Achey has worked with ultra-high-net-worth individuals, multi-generational families and family offices for more than 45 years.
Achey said: “I’ve prided myself on going deep with clients; understanding their family structure, reaching everyone where they’re at. I raised my kids on the idea of moral courage, doing the right thing when no one’s watching, and being ‘consistently good, not occasionally great.’ There’s no room for occasionally great in this business, and that’s the kind of moral courage and consistent delivery I saw at Fidelis—it’s why I joined.”
Fidelis Capital, an advisor-owned wealth management firm, serves ultra-high-net-worth individuals, families, and institutions. It manages close to $3bn in assets.
