With little fanfare, Trust Company of America taps new CEO

Barry takes helm at custodian as Maiorano resigns; new boss once piloted helicopter company

Dec 1, 2011 @ 2:18 pm

By Dan Jamieson

Frank Maiorano, former chief executive officer at Trust Company of America, has been replaced by David Barry, a member of TCA's board.

Mr. Barry took the helm this week, said TCA spokeswoman Jennifer Nealson. "Frank resigned a couple weeks back [because] a year ago or so, he got married and wanted to spend more time with his family," she said. The transition was planned and not a result of poor performance on Mr. Maiorano's part, Ms. Nealson said.

"It was just a personal decision," Mr. Maiorano confirmed. "I'm taking a couple months off, to enjoy a little [free] time."

Mr. Maiorano, 51, said he was able to work out a "great transition with [Mr. Barry], who's a very good personal friend, and been a tremendous board member [and] a good mentor."

TCA, a small custodian with just over $10 billion in assets, caters to money managers and turnkey asset management programs that use model portfolios. The company, which operates as a trust bank, offers an integrated-technology platform for trading, reporting and re-balancing.

The firm is in "spectacular shape" and "I'm very comfortable with David taking over the reins," Mr. Maiorano said.

Mr. Barry has been working with Mr. Maiorano and the senior management team for the last several months, Ms. Nealson said.

Mr. Barry has served on the TCA board for five years, and was most recently chief executive officer of Alpine Helicopters and Canadian Mountain Holidays. Mr. Barry "left that post several months back, at which time he became more involved in our organization," Ms. Nealson said. "He is an extraordinary leader [and] very dedicated to service and innovation."

Mr. Barry also held executive positions at Intrawest ULC, a real estate developer and ski resort operator.

No immediate changes to TCA are planned, Ms. Nealson said.

The RIABiz website reported Mr. Maiorano's departure earlier today.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Advisers should look beyond 529 plans for college planning

Editor Fred Gabriel talks to reporter Ryan Neal about how college-savings strategies are more important than ever as tuition costs soar.

Latest news & opinion

New ways to pay for college

Experts respond to real-life scenarios of people struggling to afford higher education.

How technology is reshaping the advice business

Artificial intelligence, Amazon and robo-advisers are some of the topics on the minds of tech experts.

Best- and worst-performing sector funds and ETFs this year

A rising tide may lift all ships, but a bull market doesn't lift all stock sectors. Here are the best- and worst-performing sectors this year, with the top and bottom fund in each sector.

Betterment slapped with $400,000 fine from Finra

Robo-adviser cited for violating customer protection rule and not maintaining its books and records correctly.

Supreme Court ruling on SEC judges unlikely to upend advice industry

But it could give rise to new hearings for some advisers who are already in litigation with the agency such as Dawn Bennett.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print