Bank of America’s private bank branch in Newport Beach has added three staffers and is looking to hire more.
“It is a result of growth. It was a significant growth year for investment management and the private bank,” said David Sutphin, senior vice president of the branch and head of the bank’s Orange County operations.
The branch in Newport Beach hired Patrick Duff Daniels and Valeria Daly as relationship managers and Otis “Tres” Heald as a senior portfolio manager.
Before joining Bank of America, Daly was an associate with Bank of America in the structured capital markets division in London. Daniels was a portfolio manager for Van Deventer & Hoch Investment Counsel in Glendale and Heald was a portfolio manager and equity analyst with Seattle-based Badgley, Phelps and Bell; he also was president of its mutual fund company.
Sutphin said he manages 31 employees and is actively searching for more people.
With the economy growing, the baby-boom generation reaching its financial peak and the Internet turning technology junkies into dot-com millionaires, Bank of America’s private bank division has enjoyed healthy growth in clients and deposits. And Orange County has been a strong area of growth for the bank.
“It is one of the strategic markets with very high potential,” said Kathleen Brown, president of Bank of America’s Private Bank West, which handles about a third of the private bank’s $130 billion in assets. Bank of America has the largest private bank in the nation, with about one-fifth of the market.
