Bank of New York Builds Wealth Management Team

The Bank of New York has promoted Stephen Doty to lead a new wealth management division within its private bank.

The bank also hired Raymond Piacentini, Joseph Stefans and Linda Houllahan from Citigroup's Smith Barney unit to help build the new division, which will be called Investment Advisor Services.

All three were investment advisers at Smith Barney and will take the same position at Bank of New York.

Before his appointment as head of the new unit, Doty was head of the personal asset management division at BNY Asset Management, Bank of New York's investment arm.

The bank is looking to hire approximately 20 investment advisers and associates to staff the new division.

Doty said the new division was created to help the bank get in front of industry trends and provide high-net-worth individuals with unified managed accounts, objective advice and consolidated reporting.

Bank of New York teamed up with Lockwood Advisors, a managed accounts provider and affiliate of the bank, for the new division. Within the new unit, investment advisers will be able to create customized accounts for clients using proprietary and third party investment managers, and offer asset allocation modeling, market and economic analysis, and related services.