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December 10, 2003
Wachovia Announces New Leaders, More Jobs for Re-branded Wachovia Trust
New President, Regional Managing Director Named; 100 Jobs to be Added
WINSTON-SALEM, N. C. - Wachovia Wealth Management has launched a major initiative to expand its trust and investment management business and named company veteran Robert S. Kniejski to lead it. The new structure brings together Personal Trust, Charitable Services, Sales and Marketing, and the National Services Group under the leadership of Kniejski as president of the newly branded Wachovia Trust.
As part of the plan to grow its trust business, Wachovia Wealth Management will hire 100 additional trust administrators, sales professionals and client service associates in the next year. The company also is enhancing its trust sales and marketing operations, including the launch of a new Wachovia Trust overbrand, as part of Wachovia Corporation's "Uncommon Wisdom" brand.
Wachovia Trust, with more than 1,550 employees, is divided into three major regions, Florida and Georgia, Mid-Atlantic and the Northeast. Michael E. Roberts has been newly appointed as regional managing director for Florida and Georgia, reporting to Kniejski.
Kniejski, formerly chief operating officer of Wachovia Wealth Management, was instrumental in merging the wealth management operations of First Union and Wachovia and in developing the newly merged group's business model and strategic plan.
Prior to the merger, he was executive vice president of Asset and Wealth Management at legacy Wachovia. Kniejski developed the model for Wachovia's wealth management business in 1995, after having begun the company's mutual fund business in the early '90s and building its Series 7 investment program as president of Wachovia Investments in 1993. He joined the company in 1987 in Personal Trust and was named head of the Trust Marketing/Product Development Group in 1991. He began his banking career in 1984 with Northwestern Bank, a predecessor of First Union. Kniejski is a graduate of Canisius College and holds a master's degree in business administration from Queens College.
As head of Wachovia Trust, Kniejski will lead a business with $64 billion in assets under management. Wachovia Trust is a leader in personal trust and charitable services, and is one of the top estate settlement administrators in the U.S. The company delivers a full range of trust services, including international and Delaware trusts, and specialized services such as custody, real estate and tax services. It was one of the first companies to begin delivering trust products through a brokerage platform and has a growing broker-trust business with Wachovia Securities and other brokerage firms.
"As demand for trust products increases with the transfer of wealth to the next generation, we are excited about our prospects for growth," said Stan Kelly, president of Wachovia Wealth Management. "With our roots in this business dating back 200 years, Wachovia has the depth of experience and talent to become the preeminent trust company in our nation."
To grow its trust business in the strategically important markets of Florida and Georgia, Wachovia has named Roberts, a 20-year veteran in the financial services industry, as regional managing director. Roberts will be responsible for a staff of 110 people in 24 offices that oversees $10.4 billion in assets under care. A tax attorney with extensive trust experience, he has served as Wealth Management director for Wachovia's Mid-Atlantic South Region, based in Richmond, Va., since 2001. Roberts' experience in the trust industry dates to 1980, including roles as the Georgia market manager for Wachovia Personal Trust from 1997-2001 and manager of trust sales for Wachovia in Atlanta from 1991-96.
Prior to joining Wachovia, Roberts served as chief operating officer for Ravenel, Eiserhardt Securities, Inc., in Charleston, S.C., and worked five years in private practice as an attorney. He has a master of laws degree in taxation from Emory University, a juris doctorate from the University of South Carolina, and recently earned his Certified Financial Planner designation.
Other key leaders at Wachovia Trust include Richard A. Tonetti, regional managing director in the Northeast; John Elliott, regional managing director for the Mid-Atlantic; Eileen Wilhem, head of Charitable Services; Leon McLennon, head of the National Services Group; Lisa Crisp, head of the Trust Centers; Manuel Perez, head of the International Trust Group; Pat Ross, head of Estate Settlement Services; and Michael W. Wozniski, regional managing director, Broker-Trust.
About Wachovia
Wachovia Corporation is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the United States, which includes some assets from Wachovia Wealth Management and Wachovia Securities LLC.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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