SunTrust Expands in Los Angeles with Private Banker from Wells
Atlanta-based SunTrust Investment Services expanded its West Coast footprint this week with the hire of a private banking veteran from Wells Fargo.
Amir Mossanen, who had been with Wells Fargo’s Private Bank since 2008, joined SunTrust’s private wealth office in Beverly Hills on Monday along with two associates, he confirmed in an interview. He is also taking on the new role of “market president” in California and will help SunTrust expand its wealth and investment banking businesses in the state, where it has just three advisors.
“Part of me likes being the underdog,” Mossanen said, noting that he knew of SunTrust through two close friends who worked there. “And in this market, we are the underdog because we don’t have a big presence.”
At Wells, Mossanen had managed $1.8 billion, according to a Forbes profile in 2017 that notes that his clients included the parents of Tinder dating app founder Sean Rad. He declined to provide a more recent figure but clarified that some of those assets were managed by other team members who remain at Wells.
Mossanen, who started his brokerage career at HSBC Private Bank in 2006 after a consulting career, said had direct responsibility for around 35 wealthy families.
SunTrust has been building out its wealth management business closer to home. Last month, it picked up a former JPMorgan manager and private banker to open offices in Ohio.
Wells has lost more than 850 advisors since its parent company disclosed a settlement two years ago with state and federal regulators over allegations that employees in its consumer bank created millions of fake or unwanted accounts for retail customers.
The negative headlines had caused “emotional strain” but were not an important factor in his move, Mossanen said.
A spokesman for Wells, which last month shifted reporting roles at its private bank as it embarks on a large-scale restructuring of its Wealth and Investment Management division, said he could not immediately comment or confirm the move.