On the Radar: Wealthy Investors
Pittsburgh Business Times Online (07/30/01) Vol. 83, No. 1 p.40; Tascarella, Patty

The goal of many financial institutions is to attract wealthy investors, and new federal rules are enabling smaller banks and thrifts to directly purchase investment firms. For example, Great American Federal Savings & Loan Association unveiled a wealth management division in an effort to capture high net worth investors and small to midsize business. GA Financial focuses on financial planning, investment management, brokerage services, and insurance provided by several different strategic partners. Great American officials expect the service to grow to eight employees by the end of 2002. Mellon Financial, on the other hand, is selling its consumer banking operations including Citizens Financial Group, which will be able to keep its private banking business.

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