New U.S. Bancorp Hire Part of Wealth Management Push

U.S. Bancorp has snagged a former Wells Fargo executive to oversee the bank's wealth management products.

Karen Wimbish will lead teams responsible for investment and banking product offerings as well as planning platforms and product technology across all client segments, from ultra-high-net-worth to mass-affluent, the company said last week.

She replaces Ann Senne, who left for another firm last month, according to the company.

Like other big banks, U.S. Bancorp in recent years has been developing wealth-related services aimed at various client niches.

In August it announced a partnership with the robo-adviser FutureAdvisor to make a combination of digital investment services and U.S. Bancorp advisers available to millennials and other up-and-coming investors.

U.S. Bancorp also has been building up Ascent Private Capital Management, a wealth management subsidiary with customers whose net assets average roughly $200 million. Last year Ascent announced a partnership with Motif Investing to provide investment-theme-oriented online brokerage services. Ascent also has a Ph.D.-level psychologist and a historian on staff who help families sort through the thorny emotional and other issues that come with inheriting significant wealth.

As head of wealth management products, Wimbish will lead all aspects of product development and management, including strategy, pricing and product profitability, process management and market support. The scope of her role includes investments, insurance, trust, bank products and related platform technology, the company said.

At Wells Fargo, Wimbish led the retail retirement group from June 2010 to February 2016, according to her LinkedIn profile. Before that, she was president of the Latin America group at Wells Fargo Advisors for almost five years. Wimbish had been with Wells Fargo and its predecessor firms since 1996.

Wimbish worked briefly for the consulting firm North Highland and the executive search firm My Next Season since leaving Wells Fargo, according to her LinkedIn profile.

"We are thrilled to welcome Karen to the U.S. Bank team as she brings a unique blend of expertise, from working directly with financial advisers to managing retirement services for a retail wealth management business," Gailyn Johnson, chief operating officer for U.S. Bank Wealth Management, said in a press release.

The wealth management arm of U.S. Bancorp generated $187 million in third-quarter revenue, up 5% year over year, according to the company's latest earnings release.

"I look forward to continuing to build a competitive and comprehensive product platform that serves the needs of all of our clients," Wimbish said in the press release.