U.S. Bank has elevated Chris Peary to the newly created role of chief private banking officer within its Wealth Management division, the Minneapolis-based lender announced Monday. Peary, a 20-year company veteran, will oversee an integrated banking, credit, and wealth strategy tailored to affluent, high-net-worth, and ultra-high-net-worth clients.
The appointment is the latest in a series of moves by U.S. Bank Wealth Management to broaden its private banking footprint and sharpen its focus on distinct client segments, from professional athletes to institutional investors. Major banks are increasingly consolidating credit and advisory services under single relationship teams, and U.S. Bank is positioning itself to compete in that arena.
Scott Ford, president of Wealth Management at U.S. Bank, highlighted Peary's diverse background across consumer banking, business banking, and wealth management. "Chris is a highly respected leader who brings deep banking expertise, a broad understanding of our business, and a track record of delivering exceptional outcomes for clients," Ford said in a statement. He added that Peary's "unique perspective into the needs of our clients and teams" will be invaluable as the firm continues to grow its private banking business.
Peary joined U.S. Bank in 2016 and has held roles spanning consumer banking, business banking, Private Wealth Management, and Ascent Private Capital Management, the subsidiary established in 2011 to serve ultra-high-net-worth families. Ascent was founded by Michael Cole, who later became the founding CEO of Cresset's family office business in 2018. In 2020, Cole left Cresset, which earlier this year saw Susie Cranston take the CEO role two years after joining as president and COO.
Most recently, Peary served as national banking lead and West region banking manager for Ascent while continuing to work directly as a client advisor—a dual mandate that kept him close to both the firm's banking build-out and its ultra-high-net-worth relationships.
The private banking hire follows a separate move earlier this year when U.S. Bank Wealth Management brought on former NFL player Steven Israel as a consultant to help build out services for professional athletes. That hire came as the bank deepened a multi-year relationship with the NFL, making it an official banking and wealth management partner with a financial guidance program for players.
Earlier this month, U.S. Bank's investment services division went live with a new client lifecycle management platform built on Fenergo's Fen-X technology, aimed at streamlining onboarding for alternative investment managers and their fund investors. The onboarding experience also enables integrations with other providers involved in screening, tax reporting, and other aspects of the investor journey, according to the announcement.
Alan Flanagan, head of U.S. Bank Investment Services, said the goal was to give investment managers a faster, more transparent onboarding process without falling short on regulatory requirements. "Onboarding is perhaps the most important moment in a relationship because it establishes the foundation for everything that follows," Flanagan said at the time. "Investment managers expect an experience that is efficient, transparent and responsive, without compromising regulatory rigor."
The moves come as U.S. Bank Wealth Management seeks to differentiate itself in a competitive market. The bank's focus on private banking, athlete-specific services, and alternatives infrastructure reflects broader industry trends, including the growing interest in private markets portfolio design and the rise of family offices favoring direct deals. Meanwhile, other firms are also making leadership changes, such as Kestra Financial's appointment of Kelly Apple and Northern Trust's new Western family office head.
