Weill said to mull Scaturro connection

U.S. Trust's CEO may launch a new firm with backing from former Citigroup chief Sanford I. Weill.

U.S. Trust’s CEO may launch of a new asset management firm with backing from former Citigroup chief Sanford I. Weill, according to a New York Post report.
Peter Scaturro is leaving U.S. Trust at the end of the month following disagreements over the changes Bank of America Corp. plans to make when it completes its $3.3 billion acquisition of the New York-based wealth management company, according to the report.
Mr. Scaturro, who was head of Citigroup’s private bank until 2004, has not yet formalized his plans but has held discussions with Mr. Weill and private equity firms about launching a boutique wealth management firm that caters to ultra-rich clients, says the Post.
U.S. Trust controls more than $165 billion in client assets and provides specialized financial services to wealthy clients.
Mr. Scaturro is credited with a turnaround at the firm, which was plagued by defections and culture clashes after being purchased by San Francisco-based Charles Schwab Corp. in 2000.