USA: New Private Bank seeks "Ultra Affluent"
It's Greek. "Ultra" means "above."
So when Tolleson Private Bank says that it intends to open a new private bank in Dallas, Texas, they are looking to cherry pick the local market.
Tolleson Wealth Management claims that it "will be the only independent Texas-based firm serving the ultra-affluent market with both wealth management and private banking services. The bank has received necessary regulatory approvals and will open with capital exceeding USD19 million."
Tollson Wealth Management is an established financial adviser. According to the Daryl S. Kirkham, the bank's chairman, president and chief executive officer "The bank's approach is very much low-volume, high-touch." "Based on years of experience in private banking, we know the importance of being flexible and of working with each client to meet his or her unique needs."
The new company will "will focus on serving individuals and families in the ultra-affluent segment of the personal banking market in Texas, offering a full array of deposit, loan and related financial services. The bank will emphasise attentive personal service and customised loans, including investment loans, residential mortgages and yacht and aircraft loans."
Under the USA PATRIOT Act, "private banking" enjoys a definition that most bankers would not recognise - liquid deposits of USD1 million pounds and management control largely in the hands of account managers. That does not seem to be the Tolleson model which appears to be much more the definition of private banking that the rest of the world applies.
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