SunTrust Banks Inc. named Barbara C. Hipple chief operating officer of its Florida private capital group.
The Orlando-based bank created the post because its private banking division has doubled in size during the past year, according to Hunting F. "Hunt" Deutsch, an executive vice president in SunTrust's investment management subsidiary, STI Capital Management.
He said the group's growth was spurred by its expanded sales team led by president Curtis Lyman Jr., who joined the private capital group last year. Sixty-one Florida offices with trust and investment employees also helped to bring in new business, he said.
Seventy percent of the $53 billion of discretionary assets that SunTrust manages in Florida is in accounts for individuals. The private capital group works for clients whose net worths exceed $25 million.
Ms. Hipple will retain her post as trust sales manager for SunTrust Central Florida. But the retail investments group that reported to her will now be overseen by senior vice president Philip Rich.
A 16-year veteran of SunTrust and its predecessor, Trust Company Bank, Ms. Hipple has held many trust-related jobs, including fiduciary counsel for the holding company and personal trust manager in the Atlanta market.
"She is uniquely qualified to ensure that client service and our bank's expectations are being met by the private capital group," Mr. Deutsch said.
Mr. Deutsch added that the bank opened its own offshore trust operation in April. SunTrust Banks Trust Company Cayman Ltd. is based on Grand Cayman Island, British West Indies.