Goal is to build Wachovia Trust into the pre-eminent trust company in America
WINSTON-SALEM, N.C., Aug. 1 /PRNewswire-FirstCall/ -- Wachovia Trust, a
division of Wachovia Wealth Management, has named W. Robert Newell as
president, succeeding Robert Kniejski, who is retiring. Effective August 1,
Newell will lead Wachovia Trust, one of the largest and oldest trust companies
in the United States, with more than $70 billion in personal trust assets
under care and more than 1,550 employees.
During his 24-year career with Wachovia, Newell has served in several
leadership roles, most recently as Wealth Management Director for the
Carolinas. Newell will be based in Winston-Salem, reporting to Stanhope Kelly,
president of Wachovia Wealth Management.
He assumes leadership of Wachovia's personal trust operation at a time
when the company is investing for growth in the business. Over the last
18 months, the company has added 85 sales professionals and client service
associates, and plans to add 46 new trust administrators by year-end. The
company also launched an enhanced client servicing model, a new technology
platform and purchased 900 new computers to enable trust officers to deliver
better service. Wachovia Trust has also developed new branding and marketing
materials and implemented a client satisfaction survey, with results showing
that client satisfaction is at an all-time high.
"Bob Newell assumes this role at an important time in the history of our
trust company," said Kelly. "The demand for trust products is increasing as
Baby Boomers liquefy their assets and receive their inheritances. We are
investing in this business with a vision to be the nation's pre-eminent and
most respected trust provider."
Wachovia Trust services include comprehensive trust administration,
investment management, philanthropic advisory and estate settlement services
through more than 70 trust offices along the East Coast, nationwide through
Wachovia Securities offices and a Cayman Island Trust subsidiary. Other
services include trust tax and law, closely held business, special needs
trust, international trust, real estate, planned giving and foundations, as
well as other charitable services for individuals and institutions.
ABOUT WACHOVIA WEALTH MANAGEMENT
Wachovia Corporation (NYSE: WB) is the 4th largest wealth manager in the
country, according to Barron's 2004 ranking of U.S. Wealth Managers. Wachovia
is one of the largest providers of financial services to retail, brokerage and
corporate customers in the nation, with assets of $511.8 billion, market
capitalization of $78.2 billion and stockholders' equity of $47.9 billion at
June 30, 2005. Its four core businesses, the General Bank, Capital Management,
Wealth Management, and the Corporate and Investment Bank, serve 13 million
household and business relationships primarily through 3,126 offices in
15 states and Washington, D.C. Its full-service retail brokerage firm,
Wachovia Securities, LLC, serves clients through 699 offices in 49 states and
five Latin American countries. The Corporate and Investment Bank serves
clients primarily in 10 key industry sectors nationwide. Global services are
offered through 33 international offices. Online banking is available through
wachovia.com.
A photo of Bob Newell is available. Contact Josh Dunn at 704-374-4828.
SOURCE Wachovia Trust
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Related links:
http://www.wachovia.com
CONTACT:
Josh Dunn of Wachovia Corporation,
+1-704-374-4828
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