City National Bank in Los Angeles has hired Richard Gershen as an executive vice president and director of its wealth management services arm.
Mr. Gershen will run City National Asset Management and City National Securities Inc., the bank's broker-dealer arm, as well as its personal trust and business trust services and its eight majority-owned asset managers.
He will be a member of City National's executive committee and will report to Russell Goldsmith, its chairman and chief executive officer. He had been an executive managing director for Wachovia Corp.'s Evergreen Investment Management Co. LLC since 2000. Before that he had been the chief operating officer of Banc of America Capital Management in Charlotte.
City National, which announced the hiring Wednesday, had $31 billion of assets under management as of Dec. 31.