Piper Jaffray veteran Terry Sandven has joined U.S. Bancorp as its new chief equity strategist, a new position the bank has created as it bolsters its services to the wealthy.
Sandven's expertise in equity management will help position the bank's wealth management group as a leading voice on developments in equity markets, the Minneapolis-based lender said in a news release Wednesday.
Sandven, 54, was at investment bank Piper Jaffray Cos. for more than 18 years, most recently as head of product management. He will report to Tim Leach, chief investment officer of U.S. Bank Wealth Management.
In an interview, Leach said Sandven's top priority will be building the strategic equity management team that manages individual stocks for client accounts of Ascent Private Capital Management, the unit catering to ultra-high net worth people and families with $25 million or more of investable assets.
U.S. Bank, the nation's No. 5 bank, launched Ascent last year. It has offices in Minneapolis, Cincinnati, Seattle and Denver, with about 80 employees and more than $5 billion in assets under management.
"We're seeing robust business being developed out of all of those offices," Leach said.
Jennifer Bjorhus • 612-673-4683