Big shakeup at GenSpring

CEO and CIO head for the exits
OCT 10, 2012
Jean L.P. Brunel, chief investment officer of GenSpring Family Offices LLC, has left the wealth management firm. The move comes on the heels of the departure of chief executive Maria Elena Lagomasino. Mr. Brunel left the firm last Friday, the day after GenSpring announced that Ms. Lagomasino will be replaced by Thomas Carroll, most recently the leader of SunTrust Banks Inc.'s sports and entertainment group. GenSpring is a wealth management affiliate of SunTrust and is among the largest multifamily offices in the nation. A source close to the matter said that Ms. Lagomasino and Mr. Brunel left the firm because they had wished to focus on serving clients around the world as a global multifamily office. Non-U.S. clients have specialized banking needs, and as more wealthy Americans live or marry outside of the country, they require specialists in taxation, estate planning and numerous other topics. Those desires appeared to run counter to what SunTrust had in mind for GenSpring, that is, penetrating markets it hasn't pursued aggressively, such as sports and entertainment, the source said. Mr. Brunel, who is now back at his firm Brunel Associates LLC, did not comment. An e-mail to Ms. Lagomasino's GenSpring address was not returned. Hugh Suhr, a SunTrust spokesman, was not immediately available for comment.

Latest News

Mercer Advisors lands third-biggest deal to date with Full Sail Capital
Mercer Advisors lands third-biggest deal to date with Full Sail Capital

With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.

Fintech bytes: FP Alpha rolls out estate insights feature
Fintech bytes: FP Alpha rolls out estate insights feature

Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.

Morgan Stanley, Atria job cut details emerge
Morgan Stanley, Atria job cut details emerge

Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.

Envestnet taps Atria alum Sean Meighan to sharpen RIA focus
Envestnet taps Atria alum Sean Meighan to sharpen RIA focus

The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.

LPL, Evercore welcome West Coast breakaways
LPL, Evercore welcome West Coast breakaways

The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.