U.S. Bank's ultrahigh-net-worth wealth management unit is branching out.
The unit recruited the co-founder of investment advisory firm Magee Thomson Investment Partners to launch a new office catering to the super wealthy in La Jolla, California.
It will be the sixth office to open since Ascent Private Capital Management, the bank's ultrahigh-net-worth business, launched in 2011.
As a regional managing director, Kelly Thomson will lead business activities in the Southern California region and develop and manage a multi-disciplinary advisory team that serves families of significant wealth, according to Ascent.
The new office in La Jolla will serve individuals and multigenerational families "who aspire to make an impact with their wealth," Ascent said.
While at Magee Thomson Investment Partners, Thomson was responsible for business development, investor relations and investment strategy. He co-founded the investment advisory firm, which dealt with large public and corporate pension funds, in 2002.
Prior to Magee Thomson, Thomson was with Duncan-Hurst Capital Management, where he was a member of a team that grew assets under management from $1.5 billion to $8 billion, according to Ascent.
"Kelly brings to Ascent an entrepreneurial spirit and hands-on experience in building teams and businesses that will be critical to launching and building our La Jolla office," Michael Cole, president of Ascent, said in a statement.
Ascent has offices in Cincinnati, Denver, Minneapolis, Seattle and San Francisco. At the end of 2013, it had $5.3 billion in assets under management and today manages more than 140 families nationwide. The firm declined to provide updated AUM numbers.