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.

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