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US Bancorp appoints alternative investments MD of Ascent Private Capital

US Bancorp has appointed Kurt Silberstein as a managing director of alternative investments for its Ascent Private Capital Management, a unit of the company's wealth management group, effective 8 August, 2011.

Silberstein will build and lead Ascent’s alternative investment team, which will be responsible for sourcing, researching, and providing due diligence for alternative investments such as hedge funds, private equity, venture capital, real estate, and other structures.

Based in California, Silberstein will report to Dan Rauchle, Ascent’s chief investment officer.

In this role, he will identify the investment needs and opportunities of ultra high net worth clients; source unique and complex institutional investment opportunities on a worldwide basis; perform in-depth, field-level due diligence on complex managers and structures; and educate Ascent’s investment professionals and ultra high net worth clients on a variety of alternative-investment opportunities.

Silberstein will join Ascent from the California Public Employees Retirement System, where he was senior portfolio manager for global equities. He worked at Calpers for over 11 years.