PNC Asset Management Group has rebranded its personal wealth businesses through the name PNC Private Bank.
“The move to position all segments of personal wealth under one brand umbrella is bolstered by investments in talent and technology, and an aggressive expansion of the local delivery of personal wealth products and services to clients across PNC’s growing market footprint,” a release stated.
Not mentioned in the release is the way the name lends an air of exclusivity that was not as strongly suggested under the previous brand.
Banks have been working to meet the wants and needs of wealthier clients who have multiple options and may have more money to invest after the sale of businesses or in managing gains from a long-running bull market that has posted gains during the pandemic.
Delaware is a long-time center for specialized trust companies that cater to people with high net worth figures.
“PNC Private Bank exemplifies the robust expertise and capabilities our team offers to clients spanning emerging, established and multi-generational stages of wealth,” stated. Carole Brown, head of Asset Management Group. “Unifying our personal wealth businesses in this way is consistent with the seamless client experience we strive to provide, regardless of where a client is located or where they fall on the wealth spectrum.”
PNC Private Bank will serve emerging, established and multi-generational affluent wealth segments.
Spurring the rebranding, was the acquisition of BBVA USA. The purchase of US operations of the Spanish bank moves PNC into Sun Belt areas and gives it a coast-to-coast presence.
Teams will provide local delivery of service offerings to families at the upper echelon of the wealth spectrum through PNC Private Bank Hawthorn, the bank’s ultra-high net worth vertical, which continues to be led by Anna Vitelli, a release noted.
PNC Private Bank is making increased investments in its technology infrastructure, investment platforms, and administrative capabilities. These investments will include expansion of family office services, the development of new philanthropic strategies and improved investment platform capabilities.
Current PNC Private Bank clients have received notification of the new brand. BBVA USA wealth clients are being introduced to the brand through a series of communications as part of their conversion to PNC.
PNC wealth management business has been a major player in Delaware for decades. The business is a longtime sponsor of the Common Wealth Awards that are presented complete with a cash payment to notable world figures who once traveled to Wilmington for the ceremony.
The awards came out of the proceeds of a trust created by a former Coca-Cola executive.
For decades, PNC would invite wealth management clients and ViPs to a dinner at the Hotel duPont followed by an awards ceremony.
For more information about PNC Asset Management, visit www.pnc.com.
