Commerce Bancorp of Cherry Hill, N.J., has hired away three PNC Advisors executives to lead its new wealth management division.
William P. Carrozza, Gary L. Maddox, and Kenneth Silverstein all worked at PNC Advisors Moorestown, N.J., branch and started their new jobs Monday at Commerce Wealth Advisors. The unit, which officially opened for business Monday, will provide investment management, estate planning, tax planning, and other services.
Vernon Hill, chairman and chief executive officer of Commerce Bancorp, said in an interview: With the addition of Commerce Wealth Advisors, we will be able to provide clients with one convenient source of integrated wealth management, brokerage, and banking services. We want to be able to offer this type of service to everyone in the entire footprint of the bank. We are starting with our south Jersey customers, but we have five other markets to fulfill in north Jersey, Philadelphia, and Delaware. This is just the first step.
The division has been in the works for about a month and is an extension to Commerce Capital Markets.
We wanted to be able to enter the private banking asset management business, Mr. Hill said. This is really the next layer up from what the capital markets group offers. We can now manage funds for our larger clients.
Mr. Carrozza, 44, is executive vice president and managing executive of Commerce Wealth Advisors. He was senior vice president and director at PNC Advisors, a division of Pittsburgh-based PNC Financial Services Group Inc.
Mr. Maddox, 52, is senior vice president and chief investment officer. He was a vice president and senior portfolio manager for PNC Advisors and was previously a member of PNCs investment counseling group in Philadelphia, where he handled asset management services for high-net-worth individuals and charities; he also handled corporate and retirement accounts.
Mr. Silverstein, 58, is senior vice president and director of sales and marketing. He held a similar post at PNC.
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