CHARLOTTE, N.C., July 12 /PRNewswire-FirstCall/ -- Wachovia, the fifth largest U.S. wealth manager, has named Jeff Hartman, a senior executive with more than 25 years of experience, as Private Banking director for the Carolinas/Virginia, Mid-South and Georgia Region. Hartman, a senior vice president, will be based in Charlotte and report to Morrison Creech, managing executive of Private Banking.

Hartman will have responsibility for leading teams of Private Banking relationship managers to greater sales execution. He will partner closely with leaders in North Carolina, South Carolina, Virginia, Alabama, Tennessee and Georgia from Wachovia's General Bank, Capital Management Group and Wachovia Securities to grow revenue and increase client acquisition.

"I'm excited to join the Private Banking team," Hartman said. "Wachovia Wealth Management has a clear vision for the future that includes the expansion of its Private Banking business. This is a great opportunity for me to be a part of the group's growth in this important region by building out Private Banking to better serve the needs of our clients."

Hartman previously served as the director of the Private Advisory Group for Wachovia. Prior to that, he served as wealth managing director for the Mid-Atlantic region and as regional director of Wachovia Wealth Management in Florida. In addition, he worked as wealth managing director for Florida and managing director in McLean, Va. Hartman also has worked with First American Bank as a private banking manager and real estate group manager. He earned a bachelor's degree in business administration and management from Virginia Tech and graduated from the Stonier Graduate School of Banking. In addition, Hartman completed the Executive Management Program at the Wharton School at the University of Pennsylvania and the Wachovia Executive Leadership Program at the University of North Carolina-Chapel Hill.

Private Banking, a new division of Wachovia Wealth Management previously known as the Private Advisory Group, has announced plans to more than double its 240 relationship managers over the next three years. Hiring is targeted in high-growth markets throughout the Wachovia footprint, including California, Texas, Florida and New York. Private Banking relationship managers will partner with the 1,300 financial advisors in the Investment Services Group of Wachovia Securities to serve the investment needs of the affluent market. Growth in the number of American households with $250,000 to $5 million in investable assets is projected to increase 30 percent from 14 million in 2005 to 18 million by 2010.

"With the significant transfer of wealth under way and the increasing number of affluent individuals, Wachovia Wealth Management and our Private Banking teams want to be well-positioned to grow and deliver our robust suite of wealth products and services across a broader client base throughout our western region," said Creech. "Jeff will lead our efforts to be on the ground and fully-staffed in the markets where these potential clients are located."

Creech said that bringing in clients who are new to Wachovia will continue to be a primary focus of the group. Since 2004, the Private Advisory Group has added 30,000 new clients, reporting double- digit growth in loans, deposits, revenue and investment revenue each year. In addition, Private Banking will work closely with Wachovia bankers to serve the personal financial needs of business owners and executives whose firms generate up to $15 million in annual revenue. Wachovia serves nearly 1 million of these firms.

Wachovia's Private Banking clients are typically working professionals, such as executives, doctors, lawyers and business owners. "These are busy people with complex lives who need advice to simplify their finances," Creech said. "We know more about their needs than ever before, and Jeff and his teams will help us to not only meet, but to exceed their expectations."

Beginning Jan. 1, 2008, with Private Banking in place to serve affluent clients, the threshold for new Wachovia Wealth Management clients will move up from $2 million to $5 million or more in investable assets. Wachovia will continue to serve Wealth Management clients with its Advantage investment platform, including a full range of traditional investment strategies, such as domestic and international equities and fixed income, as well as a wide range of alternative strategies for high-net-worth investors. Alternative strategies include hedge funds, commodities, real estate and private equity.

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Source: Wachovia