FNB Corporation, the Pittsburgh-based bank holding company with $51 billion in total assets, has formally entered the ultra-high-net-worth advisory space with the creation of FNB Private Family Wealth. The new unit is designed to serve families whose financial needs span generations and go well beyond conventional portfolio management, according to a company announcement.
The bank, which operates more than 355 branches across seven states and the District of Columbia, has appointed two seasoned executives to lead the practice. Benjamin J. Ciocco joins as Director of Family Wealth and Fiduciary Services, bringing a law degree from Duquesne University and more than 15 years of experience managing teams for ultra-wealthy clients. Frank J. Aloi, who holds the Chartered Financial Analyst and Chartered Market Technician designations and an MBA from the University of Pittsburgh, has been named Chief Market Strategist for Family Wealth. Aloi brings over 35 years of experience, with particular expertise in private markets, real assets, and hedge fund strategies.
Together, the two executives bring more than five decades of experience serving high-net-worth individuals and families. Their hiring underscores FNB's commitment to building a practice that can address the complex financial situations of wealthy clients, a segment that has become increasingly competitive among regional banks.
Vincent Delie, Chairman, President, and CEO of FNB Corporation, said in a statement that the new offering is intended for clients whose needs require more than standard advisory services. “This elite wealth advisory office is a valuable resource for clients whose complex financial needs require tailored guidance and comprehensive solutions,” Delie said.
The services offered through FNB Private Family Wealth will include alternative investments, wealth preservation and transfer strategies, tax optimization, succession planning, and customized advisory services delivered through the bank's investment banking division. Clients will also have access to FNB's private banking, mortgage, insurance, and digital banking capabilities.
The launch comes as the ultra-high-net-worth market in the United States continues to expand. According to the Altrata World Ultra Wealth Report, there are now more than 206,880 ultra-high-net-worth individuals in the U.S., holding a combined $23.8 trillion in assets, making it the largest such market globally. That growth has intensified competition among banks, independent wealth managers, and family office operators for a client base that increasingly expects institutional-grade advisory capabilities delivered with a high degree of personalization.
For FNB, which traces its roots to First National Bank of Pennsylvania and was founded in 1864, the new unit represents an effort to close the gap between what large private banks and dedicated family offices offer and what regional banking institutions have traditionally been able to deliver. The bank's geographic footprint—spanning Pittsburgh, Baltimore, Cleveland, and the Carolinas—gives it a natural base of business owners and established families who may prefer working with a bank that understands their local markets.
The move also signals a broader recognition among regional banks that the ultra-high-net-worth segment, long dominated by the largest wirehouses and private banks, is increasingly contestable territory. As Northern Trust's recent appointment of a new Western family office leader shows, institutions are investing heavily in this space. Similarly, Rockefeller's recruitment of a $2.1B Merrill team highlights the competitive dynamics at play.
FNB's entry into this market is part of a broader trend of regional banks expanding their wealth management offerings. The bank's new unit will also benefit from the firm's existing investment banking and private banking infrastructure, which can provide clients with a full suite of financial services under one roof.
While the ultra-high-net-worth space has traditionally been the domain of large private banks and dedicated family offices, regional players like FNB are increasingly seeking to capture a share of this lucrative market. With the new unit, FNB is positioning itself to compete for clients who value local market knowledge and personalized service, while still offering the sophisticated investment strategies and fiduciary expertise that wealthy families expect.
