Jack Markwalter, chief executive of Atlantic Trust Private Wealth Management, has major ambitions for the successful wealth management arm of Invesco Ltd.
In its most recent quarterly earnings report, Invesco said long-term net asset inflows at Atlantic Trust had hit $100 million, marking the company's 11th straight positive quarter. Markwalter now means to double the Atlanta-based firm's $15.2 billion under management in five years by adding new advisor talent at its 11 nationwide offices, Investment News reports. One new hire in Newport Beach, Calif., and two last month in Washington were cited as examples.
Markwalter is also looking to hire a managing director at the firm's largest office, in Boston. One hundred employees, a quarter of the firm's assets and 38 advisors are housed there. Markwalter may seek other advisors to join the team given proper credentials, contacts and a $300 to $500 million book of business.
Turmoil in the high-net-worth marketplace has afforded "more talent than I've seen in 25 years," the executive told Investment News.
Atlantic Trust combines three Invesco-owned asset managers: Pell Rudman & Co. in Boston, Whitehall Asset Management in New York, and Stein Roe Investment Counsel in Chicago. Markwalter joined Pell Rudman as head of business development in 2002. He was previously with Morgan Stanley Private Wealth Management.