Chicago-based PrivateBank and Trust Company, a subsidiary of PrivateBancorp, has appointed Richard Powers and Susan Vonder Heide to its weal...

Chicago-based PrivateBank and Trust Company, a subsidiary of PrivateBancorp, has appointed Richard Powers and Susan Vonder Heide to its wealth management department. Mr Powers joins from RSM McGladrey, where he was head of investment planning. At PrivateBank he will head investment planning and investment management services. Ms Vonder Heide joins from LaSalle Bank where she was a senior vice president in the global trust services department; she will be in charge of operations, administration and compliance for the wealth management department at PrivateBank. PrivateBancorp was set up in 1989 using a European-based private banking model to develop its business. It has around $3.2 billion of assets under management and has offices in four Midwest states in the US. Earlier this week the bank announced its second quarter results for 2005, which showed net profit rising to $7.9 million, compared with the second quarter of 2004 when net profit was $6.5 million. The bank added around $1 billion in new AUMs during the 12 month period up until the end of the first half of 2005.