US-based Silicon Valley Bank (SVB) has appointed Erin Platts as head of its private banking and wealth management business.

Platts, who is currently serving as the CEO of SVB UK, will become the president of SVB Private.

Until 30 September this year, SVB Private handled $15.9bn of assets.

For her new position, Platts will be transferred to New York from London. She will be responsible for the bank’s private banking as well as wealth planning and trust activities.

David Sabow, who worked as the chief of SVB’s technology and health-care banking, will replace Platts as CEO of its UK-based operations.

The latest development comes shortly after the bank’s investment banking arm SVB Securities named Roger Knight as its senior managing director.

SVB CEO Greg Becker was quoted by Bloomberg as saying in an interview: “There’s this massive opportunity with all the wealth creation happening in the innovation economy.

“Despite the headwinds we have right now, there’s a lot of wealth creation.”

Currently, SVB Private provides rich individuals with several services such as health care, technology, venture capital, life sciences and private equity.

Many of such sectors have experienced turmoil this year in the wake of increasing interest rates by Federal Reserve and exodus of investors.

Becker added: “The tech industry goes through ups and downs.

“If you get overly focused on one period of time — one year, two years — you’re going to miss out on the long-term trajectory in tech and health care.”