US-based PNC Asset Management Group (AMG) has appointed Robert Q. Reilly as its next chief financial officer (CFO).
Reilly will take over his new role upon the retirement of Richard Johnson, who has announced his plan to leave PNC in the third quarter of 2013.
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Reilly has led PNC’s Asset Management Group, which includes its Wealth Management, Capitol Advisors and Hawthorn asset management units, since 2005.
James E. Rohr, chairman and chief executive officer of PNC, said: "Rob helped build PNC’s asset management group into one of the top 10 bank-held wealth managers in the US, with total sales growth above 30% in each of the last two years and revenue approaching $1bn.
"We believe he is the right person to advance the work of Rick Johnson. Rick’s leadership contributed to PNC’s dramatic expansion over the past 10 years, and he was instrumental in guiding PNC through the worst financial crisis since the Great Depression."
Reilly had joined PNC Bank in 1987 and has held numerous management positions in investment and commercial banking, including serving as executive vice president for PNC’s Corporate Banking business; and before assuming his current role, Reilly was the deputy head of PNC Advisors.
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By GlobalDataMeanwhile Orlando C. Esposito, the current corporate banking executive vice president, will succeed Reilly as the head of AMG and will join PNC’s Executive Committee.
