Private Banking: Lehman Targets Florida, Hires New Sales Chief

Brothers has snared a salesman from another investment bank, Goldman Sachs & Co. Mark Gilbert, 40, has been hired to head Lehman's private-client group in Miami, with statewide responsibility. In a press release, Lehman heralded his appointment as signaling a "major expansion" of its business for wealthy Floridians. A former outfielder who played briefly for the Chicago White Sox, Mr. Gilbert spent seven years as vice president for sales in the equities division of Goldman's Miami operation. He concentrated on bringing in accounts from large institutions and wealthy individuals. His duties at Lehman are similar. In Florida, Lehman is targeting a market already rich in banks that serve the wealthy, including Barnett Banks Inc., SunTrust Banks Inc., Northern Trust Corp., Bankers Trust New York Corp., J.P. Morgan & Co., and Chase Manhattan Corp. A host of brokerages - including Merrill Lynch & Co., Prudential Securities Inc., and Smith Barney Inc. - also have positioned themselves aggressively in the state. In 1995 there were 14,320 households in Florida with more than $5 million in net worth, according to Payments Systems Inc., a Tampa-based research firm. "The Florida market continues to grow, so the raw material for success is there," said Charles B. Wendel, president of Financial Institutions Consulting, New York. He added, however, that the key will be how Lehman distinguishes itself "from other players who are established there, such as Merrill Lynch and the local banks." Mr. Gilbert will report to Edward M. Feigeles, the managing director in New York in charge of private-client services; and Ernesto de la Fe, a regional director in the private-client group responsible for Latin American clients in Miami. "Lehman is a name that has a hundred-years-plus of history," Mr. Wendel said. "It is well-known in the investment banking world, but it is not extraordinarily well-known as far as personal investments." Lehman, which employs 200 brokers, has 30 professionals in Miami who work in capital markets and investment banking.