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U.S. Bank’s UHNW business has new chief

U.S. Bank has tapped a new executive to lead its family office advisory and wealth management business.

John Zimmerman, a regional managing director for the business in Denver, was promoted to the top post following the departure of its previous leader, Michael Cole, last month.

Zimmerman will oversee all aspects of Ascent Private Capital Management, the bank’s ultrahigh-net-worth wealth management unit. In addition to setting Ascent’s strategic direction, he will manage teams in key U.S. markets, the bank said.

Zimmerman joined Ascent as regional managing director in June 2016 from asset-management firm Denver Investments, where he served as president.

The bank touted his expertise in serving ultrahigh-net-worth clients and lauded him for the growth he achieved in Denver, saying his team provided a superior Ascent client experience.

“John brings great depth and experience to this role, in particular significant insight and experience in serving clients with complex needs,” Mark Jordahl, president of U.S. Bank Wealth Management, said in a statement.

Zimmerman’s predecessor, Cole, was hired in 2010 to launch the unit. He left his post last month to join lead Cresset Family Office, a company founded by private equity entrepreneurs Eric Becker and Avy Stein.

Ascent recently opened its sixth office in La Jolla, California, after recruiting the co-founder of investment advisory firm Magee Thomson Investment Partners to lead the charge. In addition to La Jolla, Ascent has offices in Cincinnati, Denver, Minneapolis, Seattle and San Francisco.

At the end of 2013, the firm had $5.3 billion in assets under management and today manages more than 140 families nationwide. It declined to provide updated AUM numbers, saying only that the bank’s wealth management business across all segments oversees $156 billion in assets.

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