US Bank Wealth Management has created two new positions to its key executive ranks as part of its expansion drive.

Michael Cole, who previously was executive vice president and national director of Family Wealth Group and Wealth Planning Center at Wells Fargo, has been hired as president of the ultra high net worth business. The second appointment involves Michael Boardman, presently the central region president for The Private Client Reserve at US Bank, who is now president of the said unit.

Both will report directly to Mark Jordahl, the firm's president.

"The US Bank Wealth Management group has been serving high net worth and ultra high net worth clients for many years. Being able to fill these two very important leadership roles with highly qualified industry professionals will allow us to further enhance our focus and service delivery to these important market segments," said Terrance Dolan, who was recently named vice chairman and head of wealth management and securities services, in a statement.

The company's UHNW business provides services to individuals and families with $25 million or more in investable assets. The Private Client Reserve supports clients with at least $1 million.