RALEIGH,
N.C., May 8, 2024 /PRNewswire/ -- First
Citizens Wealth today launched new enhancements to its Private
Investments capabilities that enable qualified clients to invest in
growth-oriented opportunities outside of the traditional public
securities markets.
These new private investments options, which are only available
to qualified institutions and high net-worth individuals, provide
access to select opportunities in private equity, private real
assets, and private credit and debt -- without the large capital
commitment typically required by similar investment vehicles.
For qualified investors and institutions, these new capabilities
offer robust access to various private market sectors and the
accompanying portfolio diversification. The capabilities are
delivered through comprehensive and customizable portfolio
consultation, ensuring a tailored approach for each client. In
addition, these capabilities come with the full-service
administrative support that sophisticated private investing
demands.
As a large and growing organization, First Citizens Wealth is
well positioned to manage and consult on private investments due to
its specialized sector expertise and strong professional
relationships. While private investments can provide
diversification and potential for growth, they also carry risks,
such as less liquidity, compared to the public markets.
The enhanced Private Investments capability is the latest in an
expanding line of services available to clients – demonstrating the
benefits of combining First Citizens Wealth with the best of the
former SVB Private organization, which First Citizens acquired a
year ago.
"These new capabilities further strengthen our Wealth franchise
and enhance our ability to provide our clients with diverse and
innovative investment opportunities," said First Citizens Wealth
Executive Director Michael
Wilson.
"Private Investments reflects our commitment to delivering
outstanding options and advice to our clients. We surround them
with the services and expertise needed to help them reach their
financial goals, while striving to ensure they have the investment
options they need to succeed," Wilson said.
Brent Ciliano, Chief Investment
Officer at First Citizens Wealth, said private investments can be
an attractive alternative for qualified clients looking to
diversify away from the public markets.
"While private investments require longer-term investment
horizons, they also offer the opportunity for enhanced
diversification and returns. In fact, 83% of U.S. companies with
annual revenues exceeding $100
million are backed by investments from the private market,"
Ciliano said.
"Our ability to offer qualified individuals and institutions
access to invest in those companies reflects our commitment to
finding creative solutions that will support our clients' success,"
he added.
With more than $50 billion in
assets under management, First Citizens Wealth is a premier
provider of financial services that help clients preserve, plan,
manage and grow their wealth. The team takes a holistic approach to
client investments, using goals-based planning and personalized
service to support clients in reaching their financial goals.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank