Bankers Trust Co. has hired a domestic stock veteran to steer investment strategies for its private banking unit.
The New York-based banking company plucked Leo Grohowski from HSBC Americas late last month to head asset allocation strategies for its U.S. investment group, a new position.
"We've always had investment allocation strategies, but we're really expanding it," said Paul W. Higgins, managing director in charge of domestic trust and investment management. "It's an evolution."
Astute asset allocation is increasingly important to clients, Mr. Higgins said.
As managing director, Mr. Grohowski supervises asset allocation for investment advisory and personal trust accounts within the private bank.
Mr. Grohowski is also the chief investment officer for its personal trust department, overseeing nearly $1 billion in collective fund assets, Mr. Higgins said.
Mr. Grohowski had been chief investment officer for equities at HSBC Asset Management Americas, New York.
An HSBC Americas spokeswoman said that unit - which serves corporations, institutions, and high-net-worth individuals - had not named a successor to Mr. Grohowski.
"I've know him for years, and he's an excellent ... manager," Mr. Higgins said. "What's unique to me is that he understands taxable portfolios as well as running institutional money."