Benzie to Head Chase Investment Unit
Chase Manhattan Bank said Tuesday that J. Peter Benzie has taken the helm of its investment services division, which serves affluent people who do not qualify for private banking.
Mr. Benzie is leading the bank's effort to provide consumers with investment advice about money that is managed by other companies. The subsidiary - Chase Manhattan Investment Services - sells the information for a fee and aims at individuals with annual incomes of $75,000 to $250,000 and investable assets of at least $100,000.
"The concept seems to be working," said Mr. Benzie, adding that revenues have increased every month since CMIS was started in April 1990. Chase Manhattan Corp. does not break out assets of the unit.
Mr. Benzie, 43, joined Chase last month as president of the subsidiary from Lord Abbett & Co., a New York investment management firm where he was director of marketing.
He now heads a division of 30 personal account directors who work with nine money managers across the country, including Oppenheimer Capital. The account directors evaluate client portfolios and make suggestions quarterly on the basis of investment performance.
Chase, which plans to add four CMIS offices this year and 10 next year to its existing network of 10, has been making a strong push in the past year for the business of affluent individuals who do not qualify for private banking service. The bank has a separate division that makes jumbo mortgages, luxury auto loans, boat loans, and home equity loans to the same targeted market.
Mr. Benzie succeeds Len Spaulding. In a reshuffling of Chase's private banking division last winter. Mr. Spaulding became head of a new investment management group that runs the bank's Vista funds, overseas unit trusts, and portfolio management.