U.S. Bank has promoted the leader of the high-net-worth unit's private banking services in Minneapolis to regional managing director of Ascent Private Capital Management, the bank's ultrahigh-net-worth business.

Ben Ollendick will focus on new business development in the Minneapolis market and lead a team of advisors serving clients with a net worth of more than $75 million, the bank said.

He replaces Jose Peris, who is retiring after 32 years with U.S. Bank.

"Ben has impressed Ascent clients with his deep interest in working with them in addressing complex wealth management matters," Michael Cole, president of Ascent, said in a statement.

Ben Ollendick, head of Ascent Private Capital Management, leads a team of advisors serving clients with a net worth of more than $75 million.
Ben Ollendick will lead a team of advisors serving clients with a net worth of more than $75 million.

Ollendick will be directing a team of 18 client-facing professionals. He is one of the five regional leaders overseeing services to super wealthy clients nationwide, Ascent said.

In addition to Minneapolis, Ascent has offices in Cincinnati, Denver, Seattle and San Francisco. It launched in 2011 and had $5.3 billion in assets under management in 2013. Ascent declined to disclose updated AUM figures.

U.S. Bank's wealth management business posted solid revenue growth in the third quarter, according to the bank's latest earnings release. It generated $198 million, up 5.8% year-over-year. The business is part of wealth management and securities services, which earned $125 million on $603 million in revenue.

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