Kurt silberstein to head alternative investments for ascent private
capital management of u.s. bank
San francisco--(business wire)--u.s. bank, a leading provider of wealth management and private banking services, announced today that kurt silberstein has been appointed the managing director of alternative investments for ascent private capital management of u.s. bank, a unit of u.s. bank’s wealth management group that serves ultra high net worth clients with more than $25 million in individual or family wealth. silberstein will build and lead ascent’s alternative investment team, which will be responsible for sourcing, researching, and providing due diligence for alternative investments such as hedge funds, private equity, venture capital, real estate, and other structures. he joins ascent from the california public employees retirement system (calpers), where he was senior portfolio manager for global equities. he will report to dan rauchle, ascent’s chief investment officer. “kurt’s experience as an institutional investor makes him well suited for this position, which will have a distinctly institutional orientation,” rauchle said. “kurt is recognized as an industry leader in institutional portfolio design and implementation, as well as in manager-relationship innovation. additionally, he has significant experience in building and managing investment teams.” in his new role, silberstein will identify the most sophisticated investment needs and opportunities of ultra high net worth clients; source unique and complex institutional investment opportunities on a worldwide basis; perform in-depth, field-level due diligence on complex managers and structures; and educate ascent’s investment professionals and ultra high net worth clients on a variety of alternative-investment opportunities. silberstein worked with calpers for more than 11 years, most recently as the senior portfolio manager for a $25 billion portfolio comprised of more than 50 relationships with hedge funds, corporate governance funds, and traditional long-only funds. he was also the designer and manager of calpers’ $5.5 billion multi-strategy hedge fund portfolio. prior to that, he provided investment consulting services to multi-billion-dollar endowments, foundations, and taxable family trusts for strategic investment solutions in san francisco and served as a senior investment analyst for the los angeles county employees retirement association. he has a bachelor of science degree in finance from california state university, northridge, and has earned both chartered financial analyst and chartered alternative investment analyst designations. silberstein will join ascent on august 8, 2011, and will work at the u.s. bank office located at one california street in san francisco. about ascent private capital management of u.s. bank ascent private capital management of u.s. bank helps individuals and families with significant wealth focus on the impact of their wealth rather than simply on accumulating that wealth. ascent’s unique service delivery model combines traditional wealth management offerings – financial planning; investment management; private banking; trust and estate services; and financial administration – with cutting-edge “wealth impact” services that may help some of the country’s wealthiest families with family governance, family dynamics, and multigenerational wealth planning and education. about the u.s. bank wealth management group as part of u.s. bank's wealth management group, ascent private capital management serves the unique financial goals and needs of u.s. bank's ultra high net worth clients. u.s. bank wealth management offers comprehensive wealth management solutions for investment management, brokerage, financial planning, private banking, personal trust and insurance. ascent private capital management serves ultra-high-net-worth clients with more than $25 million in investable assets; the private client reserve serves high-net-worth clients with more than $1 million in investable assets; and the private client group serves affluent clients with more than $100,000 in investable assets. brokerage services are offered through u.s. bancorp investments, inc., and insurance services are offered through u.s. bancorp insurance, llc. about u.s. bank u.s. bancorp (nyse: usb), with $321 billion in assets as of june 30, 2011, is the parent company of u.s. bank, the fifth-largest commercial bank in the united states. the company operates 3,086 banking offices in 25 states and 5,086 atms and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. u.s. bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 spirit of america award, the highest honor bestowed on a company by united way. visit u.s. bancorp on the web at www.usbank.com. investment products are: alternative investments very often use speculative investment and trading strategies. there is no guarantee that the investment program will be successful. alternative investments are designed only for investors who are able to tolerate the full loss of an investment. these products are not suitable for every investor even if the investor does meet the financial requirements. it is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile, and tax situation. hedge funds are speculative and involve a high degree of risk. an investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage, and short sales, which can magnify potential losses or gains. restrictions exist on the ability to redeem units in a hedge fund. investments in private equity are illiquid by nature and typically represent a long-term binding commitment. the investments made by private equity funds are not readily marketable and the valuation procedures for these positions are often subjective in nature. investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates, and risks related to renting properties (such as rental defaults).
