U.S. Bancorp (USB) in Minneapolis has named a new head of its asset management business for wealthy clients.

Mike Ott has been promoted to president of U.S. Bank Private Client Reserve, the $361 billion-asset company's high-net-worth business, and named a member of the executive committee of its wealth management division, the bank announced Monday. He succeeds Michael Boardman, who left the company last week, a spokeswoman said.

Ott had previously been president of the Private Client Reserve's central region as well as its Twin Cities market head. He joined the company in 2009 as head of investments for the unit's Twin Cities operations, and was named regional president in 2011. Earlier, he had been head of equity research at Piper Jaffray in Minneapolis.

Ott's "wealth management expertise and creative and collaborative nature make him a perfect fit for this critical leadership position," said Mark Jordahl, president of U.S. Bank Wealth Management, in a press release. "He has been deeply involved in helping build the Private Client Reserve and brings strong depth of knowledge and a passion for the wealth management business."

U.S. Bank's Private Client reserve has 37 offices in 19 states and 1,300 employees.

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