May 24, 2010
Gore, 30-Year Veteran, Joins Wilmington as MD
Wealth management veteran Lawrence E. Gore has joined Wilmington Trust as the newest managing director and senior private client advisor for the company's wealth advisory services business in the Northeast. He will work out of the firm's New York office.
Gore, who has been in the wealth management industry for 30 years, most recently served as a senior vice president and managing director of Herald National Bank. He began his career at JP Morgan and then spent 18 years at UBS, where he was managing director and head of the corporate and executive services group.
Separately, Pete Dawkins, a former vice chairman of Citigroup Private Bank, was named to the advisory board of Wilmington Trust FSB, New York. Dawkins, a 1958 Heisman Trophy winner, is also a Vietnam veteran and Rhodes Scholar.
In addition to Citigroup, Dawkins, 72, held senior positions at Lehman Brothers, Bain & Co., Primemerica Financial Services and Traveler's Insurance. He is a member of the College Football Hall of Fame.
Templeton Selects Shapiro To Expand Real Estate Unit
Franklin Templeton Real Estate Advisors, a unit of San Mateo, Calif.-based Franklin Resources, has hired Joyce T. Shapiro to expand its real estate group's holdings into related investments.
Using a fund-of-funds approach, with the aim of launching the fund in September, FTREA will bring on several asset managers with expertise in the agriculture, energy, infrastructure, timber and water sectors, also known as real assets. Those sectors traditionally have strong revenue bases, according to Jack Foster, head of real estate at Franklin Templeton.
Timber companies, for instance, can generate revenue consistently either by culling mature trees from forests annually and more frequent periods in between, Foster said. And in the infrastructure sector, highways deliver reliable cash flow from tolls.
Shapiro was previously with Brookfield Asset Management, a Toronto-based company that specializes in managing renewable power and infrastructure assets. There, she developed real asset private funds in timber, agriculture, infrastructure, power and real estate.
"If you ask most pension professionals how to protect from inflation, they are not sure what to do," Foster said. "We believe real assets will offer some protection."
Kolman Abandons MIAC For U.S. Bancorp Start-Up
After spending more than a year and a half trying to launch Municipal Infrastructure and Assurance Corp., EVP Richard Kolman has joined U.S. Bancorp's muni underwriting start-up.
"Although I still believe in the value of MIAC, U.S. Bank is presenting me with a terrific opportunity to build a business which will complement their widespread existing client relationships with government, nonprofit, healthcare, real estate, and commercial banking customers," Kolman said.
Alongside Kolman will be Alex Wallace, formerly managing director and head of public finance at Wachovia Securities. He will lead public finance and origination from Charlotte, N.C. The division will be part of the capital markets group, led by executive vice president Jeff Stuart.
Dick Payne, vice chairman of corporate banking, said the new division is part of a strategy "to transform our corporate banking business from regionally focused to a national business positioned to provide a full range of financial services." U.S. Bank has been involved in public finance for more than 75 years, but as an agent and trustee rather than as an underwriter. Last year it was the second-ranked trustee in the country, managing 1,028 issues worth $58.5 billion, but it senior managed two issues worth $4.2 million and didn't co-manage any deals.
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