Rockefeller Lands $700 Million Truist Workforce in Atlanta

Rockefeller International Household Workplace on Friday reeled in an Atlanta-based group managing $700 million in property at Truist Financial institution, based on a supply aware of the transfer. 

The HPS Wealth Companions group, which the supply mentioned produced $four million in annual income, is led by J. Curtis Holton Jr., Frank S. Pittman IV and Alexander P. Sayavongsa, based on the supply. They report back to Kristen Sario, Rockefeller’s Southeast regional president. 

At Truist, the group operated because the Holton-Pittman-Sayavongsa Group, based on their former agency web site. They moved to Truist predecessor SunTrust from Merrill Lynch in 2017, based on registration data.

Holton and Pittman began their profession with Salomon Smith Barney in 1997 and 1999, respectively, and labored at Banc of America and Merrill, based on registration data. Sayavongsa began at Merrill in 2015.

A Truist spokesperson declined to remark. 

The group’s transfer comes on the heels of three different Truist departures for Rockefeller in current weeks. Final month, a group with $1.2 billion joined Rockefeller in Florida and, in September, one other billion-dollar group additionally joined in North Carolina. 

Truist groups have damaged away for different companies. In October, one other group with $three billion joined Captrust in North Carolina. In July, a group with $1 billion moved to Wells Fargo Advisors Monetary Community in Florida. 

Sources have famous that price hikes and the expiration of retention offers issued through the SunTrust merger with BB&T have prompted some defections.

Truist, which additionally operates a big bank-based wealth enterprise, reported report wealth administration earnings of $407 million for the third quarter, up 8.8% from a yr earlier, which the financial institution attributed primarily to market efficiency. In a Kind ADV replace filed on October 14, its RIA reported managing greater than $77 billion in regulatory AUM.

Rockefeller, which is backed by Viking International Buyers, the Rockefeller household and different traders, was overseeing $236 billion in shopper property throughout its household workplace, funding administration and funding banking items on the finish of September, a spokesperson mentioned.

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