U.S. Bank's wealth management division has selected La Jolla as the location for its newest Ascent Private Capital Management office.

Ascent, which offers comprehensive family office advisory, wealth management and investment management services for ultra high-net-worth clients, is a boutique office within the Minneapolis-based commercial bank, which is the nation's fifth largest.

The La Jolla location is the sixth Ascent site since the office's 2011 launch.

Kelly Thomson has been named regional managing director.

Thomson most recently served as managing director of San Diego's Magee Thomson Investment Partners LLC, which he cofounded. He also was previously vice president of marketing and client service at Duncan-Hurst Inc.

Thomson graduated from UC Santa Barbara with a business economics degree.

U.S. Bank operates 3,067 banking offices in 25 states. Parent company U.S. Bancorp (NYSE: USB) had $462 billion in assets as of December 31.