Monday, 26 September 2016
Last updated 1 hour ago
May 11 2011 | 11:20am ET
Atlanta-based SunTrust Banks has expanded its private wealth management division, which caters to high-net-worth clients in the sports and entertainment world, by acquiring the assets of CSI Capital Management.
Established in 1978, San Franciso-based CSI focuses on the financial and investment needs of high-net-worth clients, particularly professional athletes, and has about $1.5 billion AUM.
The acquisition expands SunTrust’s private wealth division in Los Angeles and Atlanta and adds offices in Greenwich, Boca Raton and San Francisco. Terms of the agreement were not disclosed.
"SunTrust continues to build its client base and reinforce its reputation as a leading wealth and investment management group through its strategic acquisition of assets of CSI Capital Management, one of the premier wealth management groups in California," said Thomas Carroll, managing director of SunTrust sports and entertainment specialty group.
"Our experience helps successful artists, athletes and entertainers—and others affiliated with the business of sports and entertainment—achieve their financial goals. We welcome the wealth management experience, reputation and proven client relationships represented by the people, brand and capabilities of CSI Capital Management."
SunTrust Banks serves a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2011, SunTrust had total assets of $170.8 billion and total deposits of $124.0 billion.