Silicon Valley Bank Private Wealth’s former chief investment officer, Shannon Saccocia, has joined Neuberger Berman Private Wealth in the same role, less than a week after announcing she would not be making the move to First Citizens.
Saccocia is joining the global asset manager’s private wealth group, which serves ultra-high-net-worth and high-net-worth individuals and families with about $66 billion in total assets and 45 advisory teams across 11 cities.
NB Private Wealth Head Stephanie Luedke said Saccocia would bring “highly relevant experience” to the firm as it continues to invest in its private wealth offerings. Saccocia said there was a “tremendous opportunity to leverage the vast capabilities” of Neuberger Berman to benefit its private clients.
“The investment platform and experience of our investment teams make (NB Private Wealth) uniquely positioned to offer institutional-quality investment solutions across public and private markets to private clients,” she said.
Saccocia had served as CIO for SVB Private Wealth since April 2022, after coming to the firm via its acquisition of Boston Private in 2021. She’d been Boston Private’s CIO since April 2018, according to her LinkedIn page, and had joined that firm after it acquired Banyan Partners in 2014.
WealthManagement.com was the first to report Saccocia’s departure from SVB.
In March, SVB became the largest bank to go under since the 2008 crash, though it’s since been eclipsed by the First Republic collapse. Numerous advisors fled to other firms, including Cerity, F.L.Putnam Management and Cynosure.
Late that month, First Citizens purchased SVB’s $72 billion in assets for $16.5 billion, including its wealth division. But in a LinkedIn post last week, Saccocia clarified that she would not make the move, saying she was “going in a different direction” while lauding her colleagues at SVB.
According to Neuberger Berman, Saccocia will work with leadership across the firm to create market views, asset allocations and portfolio recommendations “tailored specifically” for the company’s private wealth clients.
Neuberger Berman was founded in 1939, and has grown to become a massive, global investment manager, with $436 in total AUM, offices in 26 countries and more than 2,000 employees. NB Private Wealth often works with families across multiple generations, generally working with clients with investable assets of $5 million or more, according to a Leaders magazine interview with Luedke.