SunTrust nabs former BBVA Compass exec to lead private wealth business in new market
SunTrust Bank has snatched a top executive from BBVA Compass to lead the bank's newly established wealth management offices in Houston and Dallas.
Karen Dixon, the former Houston market executive for BBVA Compass Global Wealth, will help SunTrust build a private wealth business in key Texas markets, the bank said in an announcement.
Seven other wealth management professionals have also joined the team, according to SunTrust.
SunTrust Private Wealth Management opened the new offices to help wealthy families and institutional clients in the region. It will work closely with SunTrust Robinson Humphrey, which already has teams located there, to provide corporate clients with corporate and investment banking services, SunTrust said.
"Houston and Dallas each have affluent families and vibrant business communities that we can serve in private wealth management as well as corporate and investment banking through SunTrust Robinson Humphrey," Joe Thompson, head of SunTrust Private Wealth Management, said in a statement.
SunTrust Robinson Humphrey CEO John Gregg noted that the added wealth management capability will allow the firm to expand its relationships with clients.
SunTrust's private wealth management business turned in a shaky performance in 2016, according to the bank's latest earnings release. The bank generated $304 million in revenue from trust and investment management services in 2016, down 9% year-over-year. Its assets under management stood at $40.4 billion, off 4% from 2015.