U.S. Bank names chief private banking officer for wealth unit

U.S. Bank has named Chris Peary chief private banking officer for its Wealth Management division, the company said Monday, putting a two-decade company veteran in charge of an integrated banking, credit and wealth strategy for affluent, high-net-worth and ultra-high-net-worth clients.

The appointment is the latest in a string of moves by U.S. Bank Wealth Management to widen its private banking footprint and sharpen its focus on distinct client segments, from athletes to institutional investors, at a time when major banks are racing to consolidate credit and advisory services under single relationship teams.

Scott Ford, president of Wealth Management at U.S. Bank, underscored Peary's mix of experience across consumer banking, business banking and wealth management.

“Chris is a highly respected leader who brings deep banking expertise, a broad understanding of our business and a track record of delivering exceptional outcomes for clients," Ford said in a statement, citing Peary's "unique perspective into the needs of our clients and teams.

"Chris' leadership, disciplined approach and passion for developing people will be invaluable as we continue to grow and strengthen our Private Banking business," Ford added.

Peary joined U.S. Bank in 2016 and has held roles spanning consumer banking, business banking, Private Wealth Management and Ascent Private Capital Management, the subsidiary business U.S. bank established in 2011 to offer wealth management and investment advisory services to ultra-high-net-worth families and individuals.

Ascent was founded by Michael Cole, who went on to become the founding CEO of Cresset's family office business in 2018. In 2020, he left the San Francisco-based firm, which earlier this year saw Susie Cranston take the chief execuitive role two years after she joined as president and COO.

Read more: Cresset CEO Susie Cranston speaks out on AI, talent and scaling family offices

Most recently at U.S. Bank Wealth Management, Peary served as national banking lead and West region banking manager for Ascent while continuing to work directly as a client advisor – a dual mandate that put him close to both the firm's banking build-out and its ultra-high-net-worth relationships.

The private banking hire follows a separate move earlier this year when U.S. Bank Wealth Management brought on former NFL player Steven Israel as a consultant to help build out services for professional athletes. That hire came as the bank deepened a multi-year relationship with the NFL that made it an official banking and wealth management partner, complete with a financial guidance program for players.

Read more: Here's why wealth managers like to hire ex-athletes

Earlier this month, U.S. Bank's investment services division announced it had gone live with a new client lifecycle management platform built on Fenergo's Fen-X technology, aimed at streamlining onboarding for alternative investment managers and the investors in their funds.

The onboarding experience also enables integrations with other providers involved in screenin, tax reporting, and various other aspects of the investor journey, according to the announcement from U.S. Bank Investment Services.

Alan Flanagan, head of U.S. Bank Investment Services, said the goal was to give investment managers a faster, more transparent onboarding process without falling short on regulatory requirements.

“Onboarding is perhaps the most important moment in a relationship because it establishes the foundation for everything that follows,” Flanagan said at the time. “Investment managers expect an experience that is efficient, transparent and responsive, without compromising regulatory rigor."

The platform, already used elsewhere at U.S. Bank including Treasury Management, is also being rolled out for Global Corporate Trust, according to the firm.