Fifth Third Bank has named a new executive to lead the wealth and asset management division.

Mike Michael takes over the role from Philip McHugh who was tapped to lead Fifth Third's consumer bank.

Ralph Michael took over Fifth Third's wealth and asset management business from Philip McHugh who now leads the consumer bank.
Mike Michael took over Fifth Third's wealth and asset management business from Philip McHugh who now leads the consumer bank.

Michael, an executive vice president and regional president, will continue with his regional responsibilities and report to Chief Operating Officer Lars Anderson, the bank said.

Michael joined Fifth Third in 2010 as president of Cincinnati-based Fifth Third Bank and subsequently assumed responsibility for the regional presidents who manage geographic markets across the bank's footprint. He has held a number of leadership positions in the insurance and banking industries, according to Fifth Third.

"Mike has the right background to lead our wealth and asset management business," Fifth Third CEO Greg Carmichael said in a statement. "We are pleased that he will leverage his considerable operational strengths in a business that is increasingly important to us."

Fifth Third's wealth and asset management business posted a strong first quarter, generating $108 million in revenue, up 6% year-over-year, according to the bank's latest earnings release. The increase was driven by higher personal asset management and brokerage revenue, the bank said.

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