Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and its division Peapack Private have announced the appointment of Vanessa Tortorice as Senior Managing Director at their New York City location. This strategic hire underscores Peapack Private's commitment to expanding its commercial and industrial business in the competitive New York market.
Tortorice joins Peapack Private with an impressive 12-year track record in the financial services industry. Her expertise in managing high-net-worth client portfolios and her proven ability to drive revenue growth make her a valuable addition to the company's team of commercial bankers. In her new role, Tortorice will focus on providing tailored banking solutions to help clients achieve their long-term financial objectives.
Prior to joining Peapack Private, Tortorice held the position of Vice President and Senior Business Banker at M&T Bank, where she successfully managed a portfolio of high-net-worth clients. Her tenure at M&T Bank was marked by excellence in relationship stewardship and cross-functional collaboration, contributing significantly to the bank's revenue growth. Before that, as Vice President of Business Banking at Capital One, Tortorice consistently surpassed targeted net portfolio loan and deposit growth objectives, ranking within the top 10% nationally.
This appointment comes at a time when Peapack-Gladstone Financial Corporation is experiencing substantial growth. As of June 30, 2024, the company reported total assets of $6.51 billion and assets under management and/or administration of $11.5 billion. The addition of Tortorice to the New York team is expected to further strengthen Peapack Private's position in the market and enhance its ability to serve high-net-worth individuals, families, privately held businesses, family offices, and not-for-profit organizations.
The significance of this hire extends beyond Peapack Private's immediate growth strategy. It reflects a broader trend in the financial services industry where institutions are increasingly focusing on personalized, high-touch services for wealthy clients. Tortorice's appointment signals Peapack Private's intent to compete more aggressively in the lucrative New York market, potentially reshaping the competitive landscape for private banking services in the region.
For clients, Tortorice's extensive experience and proven track record in managing high-value portfolios could translate into more sophisticated and tailored financial solutions. Her expertise in fostering client relationships and driving cross-functional collaboration may lead to a more integrated approach to wealth management, potentially benefiting clients with complex financial needs.
From an industry perspective, this move by Peapack Private could prompt other financial institutions to reassess their strategies in the New York market. As competition for high-net-worth clients intensifies, we may see a wave of similar high-profile appointments across the sector, potentially leading to innovation in private banking services and products.
The appointment of Vanessa Tortorice as Senior Managing Director at Peapack Private's New York City location represents a significant development in the private banking sector. It not only strengthens Peapack Private's position in a key market but also signals a broader shift towards more personalized, high-value services in the financial industry. As the competitive landscape continues to evolve, the impact of this strategic hire may extend far beyond Peapack Private, potentially influencing industry trends and client expectations in the coming years.
