David B. Horn, banker to the superwealthy, has left Bessemer Trust less than one year after jumping there from Chicago's Northern Trust Corp.

Mr. Horn has set up his own private banking boutique, Graystone Partners, which he says specialties in nontraditional investments. The venture is being backed by the Blackstone Group, the prominent New York merchant bank.

Mr. Horn is the architect of Northern's gilt-edged wealth management group, which caters to families with a net worth of at least $100 million. Joining him at Graystone are Charles S. Hopper and Louise M. Wasso, who worked with him years ago at Morgan Stanley & Co. and followed him to Northern and Bessemer.

Also in the group is Mark S. Ostroff, who was briefly at Bankers Trust New York Corp. Mr. Ostroff was said to be setting up a wealth management group there similar to Northern's. But Bankers Trust recently abandoned the effort, sources said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.