Wilmington Trust Recruits Philip P. Cave as President
Philip P. Cave has joined Wilmington Trust as president of Wilmington Trust FSB Georgia. In this position, Cave will lead business development and client account management for Wilmington Trust's wealth advisory business in Atlanta and the Southeast region. His hire is an indication of the company's expanding presence in the area, said Rodney P. Wood, executive vice president and head of Wilmington Trust's wealth advisory business.
Wilmington Trust entered the Atlanta market with the 2002 acquisition of Balentine & Co., led by Robert M. Balentine. "Wilmington Trust has long been one of the most admired and respected names in wealth management," Balentine said. "I look forward to working with Philip and his team in bringing Wilmington Trust's outstanding wealth advisory capabilities to high-net-worth families and prominent foundations in the Southeast."
Cave comes to Wilmington from Bessemer Trust, where he headed the Atlanta office. Before that, he held senior private banking positions with JPMorgan and Wachovia. Cave reports to Peter Atwater, who leads Wilmington Trust's national wealth advisory offices, and replaces Jeffrey Adams, who retired after 10 years with the company.
Salvatore M. Capizzi Now President of Illington Funds
Illington Fund Management has announced the appointment of Salvatore M. Capizzi as president of its mutual fund family, the Illington Funds. In this new position, Capizzi is responsible for setting and executing sales strategies for Illington investments in the U.S. Capizzi's hiring comes on the heels of the company's acquisition of First Albany Companies in 2005.
"We are extremely interested in diversifying the success Illington has had raising assets overseas by building a strong presence and distribution domestically," noted Douglas Brennan, chairman and CEO of Illington Fund Management. "Sal is a well-established leader in the industry who brings a special brand of innovation, creativity and energy to our organization."
Prior to this appointment,Capizzi was executive vice president of retail investments at New York Life Investment Management, where he was responsible for distribution of mutual funds, separately managed accounts and 529s. Before that, he was executive vice president at BlackRock Mutual Funds.
Eaton Vance Chief Exec Hawkes to Retire in 2007
James Hawkes, the 64-year-old chief executive officer and chairman of Eaton Vance, will comply with the firm's mandatory retirement policy and step down from his position as of Oct. 31, 2007. Thomas Faust, Jr., who has been with the firm for 21 years, will succeed him, and in anticipation of that move, the company has named him president.
Faust has been chief investment officer of the firm since 2001 and a director since 2002. He first joined the firm in 1985 after earning an MBA from Harvard. Hawkes joined the firm in 1970 and was named president and CEO in 1996. He was given the additional title of chairman the following year.
"He is truly a hard act to follow," Faust said of Hawkes, who Eaton Vance credits with diversifying the company's products, and pushing it to work more with equities while at the same time maintaining a strong fund business.
Duncan Richardson will take on the role of CIO when Hawkes steps down and Faust takes his place.
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