The chief investment officer for Silicon Valley Bank Private Wealth will not be making the move to First Citizens in the wake of its purchase of the failed bank’s assets.
Shannon Saccocia had been CIO at SVB Private since April 2022, but announced it was “time for me to move on” in a LinkedIn post earlier today.
“An amazing group of colleagues and a network of supportive partners and friends have made the years fly by, and I owe so much to all of you for helping to make me a better partner, leader, investor and friend,” she wrote. “Although I am going in a different direction, I wish the very best to the team at First Citizens as I look forward to my next adventure!”
Saccocia did not offer further details in the post and did not respond to a LinkedIn message as of publication. She is no longer registered with SVB or any other firm, according to her IAPD page.
Saccocia had held the CIO role at SVB since April 2022, according to her LinkedIn page. She served in the same position at RIA Boston Private starting in April 2018, and previously worked at the firm as a chief investment strategist and managing director and head of asset allocation and portfolio strategy (SVB agreed to buy Boston Private in early 2021).
Her career in the industry began at State Street in 2002, with subsequent stints at Silver Bridge and Banyan Partners, where she worked as a managing director of search and selection for a little more than a year before Boston Private acquired Banyan Partners in 2014.
In March, SVB became at-the-time the largest bank to go under since the 2008 financial crash. (First Republic has since surpassed SVB on that auspicious list). In the aftermath, some advisors have fled to other firms, including Cerity and F.L.Putnam Management.
Cynosure, a Utah-based firm that previously specialized in alts asset management has built its RIA arm almost entirely out of SVB advisors. Like Saccocia, many of the Cynosure advisors are alumni of Boston Private, including Bill Woodson, the co-head of the firm’s RIA business. Cynosure co-founder Randal Quarles called SVB’s collapse a “big catalyst” for building out the firm's wealth advisory business during an interview with WealthManagement.com
In late March, First Citizens agreed to purchase SVB’s $72 billion in assets for $16.5 billion, though SVB’s collapse continued to make waves in the banking sector; Signature Bank collapsed, and soon after, UBS purchased Credit Suisse. Additionally, JPMorgan announced it would buy First Republic in the past several days, after a $30 billion cash injection from 11 financial institutions several weeks ago failed to save the bank.