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Residents Monetary Group has tapped Morgan Stanley veteran Paul Casey to steer its wealth administration and new non-public banking unit because the $222 billion-asset Residents builds out its advisory enterprise with a handful of high leaders.
Casey was with Morgan Stanley for almost 22 years, final because the managing director and advertising govt of the agency’s non-public wealth administration workplace in New York Metropolis, overseeing roughly $90 billion in shopper property. He’ll take the helm as Residents’ head of wealth administration and personal banking on July 9, the corporate mentioned in a press launch on April 15.
“Paul is an skilled and well-rounded Wealth Administration govt with a confirmed monitor report of success and has a protracted runway right here at Residents,” Brendan Coughlin, vice chair and head of shopper banking at Residents, mentioned within the launch. “His expertise in constructing a world-class Personal Wealth enterprise at one of many high corporations within the U.S. will likely be invaluable as we aspire to construct a preeminent Personal Wealth providing.”
Residents Monetary, based mostly in Windfall, Rhode Island, launched its non-public banking unit final fall and has been rising quickly by hiring business veterans like Michael Cherny as head of Residents Wealth Administration Advisors and Tom Metzger as head of Residents Personal Wealth Managers. Each Cherny and Metzger have been wealth administration leaders at J.P. Morgan.
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Casey will likely be based mostly in New York Metropolis and can report back to Coughlin.
“The launch of our new Personal Financial institution supercharged Residents’ means to scale our Wealth enterprise, elevating our model picture and attracting among the business’s high expertise to our platform,” Coughlin mentioned. “I’m assured Paul will assist us notice the total potential we’ve in entrance of us.”
— Rachel Witkowski/Monetary Planning
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