By Thomas Coyle Of DOW JONES NEWSWIRES Atlantic Trust, the wealth-management division of Invesco Ltd. (IVZ), has hired former Bessemer Trust executive Richard Vandenberg Jr. as head of its San Francisco office. Michael Battey, the previous head of Atlantic Trust's San Francisco office, has left the firm. Invesco declined to say when he departed. Vandenberg, who has nearly 30 years of experience advising the ultra affluent, is responsible for Atlantic Trust's client service and business development in northern California and the Pacific Northwest. The hire bolsters Atlantic Trust's efforts "to build our brand and grow our business throughout the Pacific Northwest," Chairman and Chief Executive Jack Markwalter said in a press release. Prior to joining Bessemer in 2007, Vandenberg worked at Merrill Lynch (now part of Bank of America Corp.) (BAC). Before that, he spent about 16 years at Goldman Sachs Group Inc. (GS). Invesco formed Atlantic Trust about eight years ago after acquiring Boston-based Pell Rudman Trust Co., New York-based Whitehall Asset Management and Chicago-based Stein Roe Investment Counsel. Atlantic Trust had 11 offices and approximately $17 billion under management at the end of 2010. -By Thomas Coyle, Dow Jones Newswires; 207-631-4235; thomas.coyle@dowjones.com
