Boston Private Bank and Trust Co. has tapped a new senior investment management officer to help with its client recruiting efforts.
Mark C. Hargrave 3d recently joined the Boston-based bank as vice president in the investment management and trust division, with responsibilities to boost the affluent client base.
Mr. Hargrave came from Citizens Bank and Bank of New England, where he specialized in commercial real estate lending. He reports to Jay Henderson, an executive vice president and head of the eight-person investment group.
"This is a move with the times," Mr. Hargrave said. He was referring to one of his tasks, which will be to attract wealthy downtown Boston developers to the bank.
Boston-area real estate, which was especially hard hit in the late 1980s and early 1990s, is on the rebound. Mr. Hargrave said his bank wants to capitalize on the rising fortunes of the Boston developers, who now have the assets to invest.
The hire, said Timothy L. Vaill, the bank's president and chief executive officer, is in line with Boston Private Bank's new push into asset management.
A relative newcomer in the banking world, eight-year-old Boston Private Bank manages about $160 million assets and has developed about 6,000 individual and corporate clients within its five lines of business: investment management and trust, commercial lending, residential mortgaging, and personal banking.