August 14, 2017 – Chicago-based search firm DHR International has placed the new head of wealth management for Gibraltar Private Bank & Trust, a private banking and wealth advisory firm in Coral Gables, FL.
Leading the search was Carol Hartman, the search firm’s managing partner of financial services North America.
Doug Moffitt comes to Gibraltar Private from U.S. Trust, the private wealth management business of Bank of America, where he was managing director for the investment division.
The search, which spanned several months, was national in scope, though DHR largely focused on the Florida and New York markets, where Gibraltar is located. For the candidates, the search was highly competitive. But the assignment posed challenges for the recruitment firm as well.
A Solid Background
“Gibraltar was operating under a consent order issued in 2014 when we started the search,” said Ms. Hartman. “Fortunately, the week we finished the search they also announced that the Office of Comptroller of the Currency had lifted that consent order to ensure the bank’s compliance with anti-money laundering requirements. It made the search more complex, but we were able to attract interesting candidates. The bank is now poised to enter a period of growth and prosperity with a fantastic new wealth leader.”
During his tenure at U.S. Trust, Mr. Moffitt developed the bank’s nationally-adopted relationship expansion initiative, which helped the organization pinpoint expansion opportunities within existing relationships. Mr. Moffitt began his stint at U.S. Trust as a manager of high net-worth investments and a market investment executive for the New York City and Long Island markets.
Prior to that role, Mr. Moffitt was vice president for Geneve Corp., a family-owned diversified holding company and family office. He also worked as chief operating officer at Aplos Advisors, a start-up fundamental equity long/ short hedge fund advisor, and Goldman Sachs, where he was managing director of the equities division, among other roles.
Mr. Moffitt received both his bachelor’s degree, in communication studies, and MBA, in marketing and finance, from Northwestern University.
Breadth of Experience
“Doug is one of the most intelligent, authentic people I have ever met,” said Ms. Hartman. “He has a scope of experience that will bring a level of investment acumen and service to Gibraltar clients that will transform their experience.”
Gibraltar Private, which was founded in 1994, offers residential and commercial lending, private banking and wealth management services to professionals and professional service firms, corporate executives, families, entrepreneurs and their businesses. It has offices in Fort Lauderdale, Miami, Miami Beach, South Miami, Naples, Ocean Reef and New York.
Ms. Hartman’s search practice focuses on capital markets, asset management, regional and private banking, mortgage, risk/ compliance, payments/ financial tech and retirement income. She has also worked with private equity, insurance, real estate and startup companies.
Banks Turn to Search Firms
Financial services organizations are facing a new competitive landscape, regulatory challenges and a constant struggle to manage cost and efficiency. This requires strategic leaders with a multidimensional skill-set. Like all financial institutions, banks continue to turn to executive recruitment firms to find new leaders. Here’s a sampling of some important recent searches that are either underway or recently completed, from the Hunt Scanlon Media Archives:
Federal Reserve Bank of Richmond Taps Heidrick for CEO
The Federal Reserve Bank of Richmond has retained Heidrick & Struggles to lead its search for a new president and CEO. Jeffrey Lacker announced that he will retire in October after 28 years of public service at the Richmond Bank.
Korn Ferry recruited Doug Bowers as president and CEO of Banc of California. Most recently, Mr. Bowers was president and CEO of Square 1 Bank from 2011 until its sale to PacWest Bancorp. From 2009 to 2011, he served as a managing director of Lone Star Funds/ Hudson Advisors.
Kaplan Partners has been retained by Old Point National Bank to lead its search for a new chief financial officer. Current CFO Laurie Grabow plans to retire this summer after three decades with the Hampton, VA-based bank. Laurie’s dedication through the recession positioned our company well for the future,” said Rob Shuford Jr., Old Point National Bank’s president and CEO.
Chrisman & Company placed Carl J. Chaney as CEO of New Orleans-headquartered First NBC Bank. Longtime leader and founder Ashton Ryan Jr. has stepped aside as CEO. Founding partner and principal Timothy Chrisman led the search along with partner Irwin Stalk;
Hanold Associates recently recruited Gaurav Sehgal as chief human resources officer (CHRO) and David Sarjantson as chief marketing officer (CMO) at Denver-based Fortis Private Bank. Fortis offers a comprehensive suite of banking, private wealth management, and investment management services. CEO Jason Hanold led both search assignments.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media