Rockefeller adds $700M Truist team in Atlanta

A Truist team managing $700 million in Atlanta joined Rockefeller Global Family Office, AdvisorHub reported, citing a source familiar with the move. The team is led by J. Curtis Holton Jr., Frank S. Pittman IV and Alexander P. Sayavongsa, who report to Kristen Sario, Rockefeller's Southeast regional president.

HPS Wealth Partners produced $4 million in annual revenue at Truist, the source said.

For bank advisors weighing an RIA move, the team's $4 million of revenue on $700 million of client assets implies roughly 0.6% in revenue yield. AdvisorHub, citing sources, tied the Truist departures to fee increases and to retention deals from the SunTrust-BB&T merger that have expired.

The move follows three other Truist departures to Rockefeller in recent weeks, AdvisorHub reported. In October, a $3 billion Truist team joined Captrust in North Carolina, and in July a $1 billion team moved to Wells Fargo Advisors Financial Network in Florida.

Truist, U.S. Bank and PNC lost four large advisor teams in four weeks, as Private Wealth Daily previously reported.

Rockefeller, backed by Viking Global Investors and the Rockefeller family, oversaw $236 billion in client assets at the end of September, a spokesperson said.