LaSalle National Corp. has tapped a high-level executive from the mutual fund industry to head its newly created wealth management unit.
Bruce Callow, president of Stein Roe & Farnham's investment counsel division, will join Chicago-based LaSalle as an executive vice president Nov. 1. He will oversee a new wealth management unit created by the merger of LaSalle's trust subsidiary with its flagship commercial bank.
The new unit, which was announced last month, brings a variety of services under one roof.
Mr. Callow will report to James B. Wynsma, president of LaSalle trust, who will become vice chairman of the bank when the two units complete the merger.
Mr. Wynsma said the position is well suited for Mr. Callow's credentials. "He has a very good background in the wealth management business and knows what customers want and need."
In an interview last week, Mr. Callow said he found the opportunity at LaSalle attractive because the company has strong relationships with mid- tier corporate clients in Chicago.
"The one single area of affluence is business owners," Mr. Callow said. "If we're doing our jobs, we should be able to cultivate these people."
Mr. Callow said he was drawn to LaSalle's entrepreneurial business style and the forward thinking of its owners. LaSalle, which has $21.7 billion in assets, is a unit of ABN Amro Holding of the Netherlands.
He said he is sorry to leave Chicago-based Stein Roe, where he worked for two years. Despite the spate of high-level defections there two years ago, Mr. Callow said the company, which has $6.9 billion under management, is back on track and doing well.
After Mr. Callow's departure, his responsibilities at Stein Roe will be split between Jim Stecke and Bill Rankin. Mr. Stecke will continue to head the Chicago area, and Mr. Rankin, formerly head of the New York office, will cover Cleveland, San Francisco, New York, and Fort Lauderdale, Fla.
Both will report to Hans Zeigler, president and chief executive, who will become more involved in everyday operations, Mr. Callow said. He was to succeed Mr. Zeigler.