Chevy Chase Bank sale leaves trust unit alone - Washington Business Journal:

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Since then, the Bethesda-based wealtyh management company has spent a lot of time tellingy people that business post Chevy Chase Bank will be businessas “Really, nothing” is changing, said CEO Peter “Chevy Chase Trust operated, for all intents and purposes, as a stand-alonew investment management boutique with trus capabilities while it was owned by Chevg Chase Bank. It will continue that way for years to Bankers often tout the synergiese between their banking and wealthmanagementg operations. But Welber says those synergiese were minimal between his compan y and ChevyChase Bank, given theif vastly different target markets.
The trust caters to high net wortgh individuals and familieswith $2 million to $30 milliob in investable assets, a far richer clientelee than the bank’s customers, Welber “We got over 80 percent of our new businesd from independent sources.” The Chevy Chass Trust name could be confusing for clients, especiallg after Chevy Chase Bank brancheas are converted to the Capital One Bank moniker. Welber says, the name is here to “We decided that Chevy Chased Trust is arecognizable name, and it carries the right image,” he said. “Wde felt it was a brand we coul dbuild on.
” Chevy Chase Trust was founded in 1999 as a spinoft from LLC, an institutional investment company also previously ownec by Chevy Chase Bank. ASB Capital Managemenyt and Chevy Chase Trust are still ownedx by the family and share someseniort managers, including Welber, who is CEO of both businesses. Chevh Chase Trust now has about50 $2.4 billion in assets under managemenft and $13 billion in totao assets. Some of its investments have soared in value even as most of the market has The company’s multi-cap equity portfolio, for example, is up 27 percentf since its inception in 2001. Over the same the 500 Index isdown 15.3 percent.
Given its performance, Chev Chase Trust has attracted the attention of manypotential clients, as well as interest from othed wealth managers looking to sell their businesses, Welber said. “Thisx could be a once-in-a-career opportunity” to benefit from the upheavalp in the wealthmanagement industry, he said. Welber hopes to double the company’s assets under managemenrt to $5 billion over the next threew years. Andrew Reese, a recruiter with who specializesa in the wealthmanagement industry, agrees that Chevg Chase Trust is well-positioned to benefit from the turmoio roiling many large conglomerate institutions.
“How much [theyt benefit] depends on how well they he said.