Huntington Bancshares (HBAN) in Columbus, Ohio, has snagged an executive from an in-state rival to manage an important investment business.
It has named John Augustine the chief investment officer for The Private Client Group, where he will be responsible for the investment strategies and activities for Huntington's fiduciary operations, the bank said Tuesday.
Augustine spent the last 13 years as chief economist and market strategist for Fifth Third Asset Management, a unit of Fifth Third Bancorp (FITB) in Cincinnati. He held a variety of posts there, including serving as a member of Fifth Third's investment policy committee and investment strategy team and as manager of its LifeModel Funds portfolio.
"John has a strong track record of disciplined portfolio management, and he brings an exceptional set of skills and capabilities to drive growth in assets under management," his new boss, Steve Short, the director of The Huntington Trust, said in a press release.
Randy Bateman was the CIO for The Private Client Group and the director of Huntington Asset Advisors. He will remain in the latter job as Huntington separates its investment management group into two parts.
Regional banks like the $60 billion-asset Huntington continue to pluck talent from each other.
Keycorp (KEY) in Cleveland last year hired then-Huntington Chief Financial Officer Don Kimble to be its CFO. Huntington replaced Kimble this year by hiring Howell McCullough 3rd, the chief strategy officer of U.S. Bancorp (USB) in Minneapolis.
Huntington also added commodities hedging to its capital-markets services last year and brought in Fifth Third specialist Darrell Fletcher to lead the division.