Bank executive leaves retirement behind him

August 06, 1994|By David Conn | David Conn,Sun Staff Writer

Charles W. Cole Jr., who retired as chief executive of First Maryland Bancorp in April, has been hired as vice chairman of an investment advisory affiliate of Alex. Brown Inc., the company announced yesterday.

Mr. Cole, 58, also has been appointed to the board of directors of the firm, Brown Advisory & Trust Co., which is jointly owned by Alex. Brown and Philadelphia-based Glenmede Trust Co.

"In my 17 years as president of First Maryland, I developed a keen interest in financial and capital markets," Mr. Cole said yesterday. "So when Alex. Brown, which in my opinion is the best in the industry at managing assets and working with trust customers, approached me with this unique opportunity, I decided to re-enter with enthusiasm."

Mr. Cole, who said he's been mountain climbing in New Hampshire for the past month, will join Brown Advisory & Trust in mid-September.

The company provides investment management services to wealthy individuals and institutions. It started operations in April 1993, and now advises clients on more than $300 million in assets.

Brown also appointed two other board members: William C. Baker, president and chief executive officer of the Chesapeake Bay Foundation; and Earl L. Linehan, president of Woodbrook Capital, and a founding partner of Meridian Healthcare Inc., which was sold recently to Genesis Health Ventures Inc. Mr. Linehan is also an adviser to Alex. Brown's merchant banking group and serves on its investment committee.

When Mr. Cole ended his 32-year career at First Maryland, the last 10 years as chief executive officer, some Baltimore business leaders had expressed concern that one of their most civic-minded colleagues might drop from the ranks of leadership.

In addition to serving as president of subsidiary First National Bank of Maryland, Mr. Cole's outside activities included the Governor's Commission on School Funding, the boards of the Greater Baltimore Committee and the Maryland Business Council, the Baltimore Council on Foreign Affairs, the Baltimore Zoo and Baltimore Reads Inc.

As vice chairman of Brown Advisory & Trust, Mr. Cole "will serve in a senior advisory role to the company, as well as to Brown Asset Management, a division of Alex. Brown," according to a statement from Alex. Brown.

"In this full-time capacity, he will serve on various management, investment and trust committees and will focus on the development of personal and institutional investment management business," the company said.

Mr. Cole also serves on the investment committees of the Merrick-France Foundation, which he chairs, and the Helix Health Systems. And he is a regent of the University of Maryland System and a trustee of the University of Maryland Foundation.

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