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US Bancorp Plans To Launch Unit Catering To Ultrawealthy Clients

US Bancorp plans to launch a new unit for the ultrawealthy in the fourth quarter from offices in Denver and its headquarters city of Minneapolis.The unit, to be known as Ascent Private Capital Management, will focus on clients with at least …

US Bancorp plans to launch a new unit for the ultrawealthy in the fourth quarter from offices in Denver and its headquarters city of Minneapolis.

The unit, to be known as Ascent Private Capital Management, will focus on clients with at least $25 million in investable assets. Ascent will compete in a rapidly growing but fragmented market against other banks, brokerage firms and independent wealth managers and family offices.

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