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Prostano Tapped to Develop Fleet's Wealth Business

Steve Prostano, formerly the president and COO of Chase Asset Management and Hambrecht & Quist Funds Management, has joined FleetBoston Financial as a managing director of its private clients group.

Prostano is in charge of Fleet's New York City, New Jersey and Pennsylvania private client markets and is responsible for building the firm's ultra-high-net-worth business, which includes individuals with between $5 million and $10 million in investable assets. He will report to Kathleen McGillycuddy, head of Fleet's private client group. The group has $50 billion in assets under management.

Prostano is being brought on to help the firm gain high-net-worth market share in new territories it gained through its acquisition of Summit Bank in May. Fleet needed an executive with extensive experience in the high-net-worth marketplace to gather assets in Summit Bank's territories in New Jersey and Pennsylvania, said Charles Salmans, a company spokesman.