Cypress Trust Co., based in Palm Beach, Fla., cherishes its status as an independent trust company, and is counting on Erik Edward Joh, its newly appointed president and chief executive officer, to preserve that.
Joh is taking charge of a group that is part of an investment management firm, Cypress Capital Group. All told, the two entities manage about $1.2 billion in client assets. The company does its own investment management work for clients. It does not manage mutual funds or model portfolios. Nor does it manage hedge funds or handle venture capital investments in any way, said Joe Pauldine, a manager at the firm. It just creates individual stock and bond portfolios for its clients.
“We wanted a president and CEO who knew the business and knew what it meant to provide services,” Pauldine said an interview Thursday. “We thought Joh was a better fit than someone with a banking-based history.”
Joh intends to meet each one of Cypress Trust’s clients as he settles into his role as president and CEO. He certainly already has a lot of experience dealing with individuals, and enjoys it. Over the last 30 years, Joh was the founding and managing partner of the Boynton Beach, Fla.-based office of Hinman Howard & Kattell, a New York-based law firm.
Joh also juggles a busy schedule as a local community leader. He is a vice-mayor of the Village of Golf in Palm Beach County, and serves as a trustee and secretary of the Florida Institute of Technology, and trustee of Colby-Sawyer College.
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Also on the move this week:
Jason F. Ruimerman has joined the Certified Financial Planner Board of Standards as director of business development. He was at Van Kampen Investments Management, where he focused on training and educating the financial planner community. While at Van Kampen, he created strategic partnerships with firms while gaining market share in his Northeast territory.
New York Life Retirement Plan Services appointed David Castellani senior managing director and head of New York Life Retirement Plan Services based in Westwood, Mass. The unit is a provider of bundled retirement plans and also manages defined contribution investment-only assets.
Wilmington Trust hired Richard F. Pagnoni as vice president of its client development team. He was a vice president and strategic relationship manager serving institutional investors in the Northeast region at Neuberger Berman, in New York.