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BUSINESS
By Hanah Cho, The Baltimore Sun | May 12, 2011
M&T Bank Corp. is expected to close Monday on the purchase of Wilmington Trust Corp. after receiving all regulatory approvals required under the deal, M&T announced Thursday. Delaware-based Wilmington Trust, struggling with bad real estate loans, agreed in November to sell itself to Buffalo, N.Y.-based M&T for $351 million. Wilmington Trust Corp. does not operate retail branches in Maryland. It has wealth management and corporate client offices in Baltimore and Bel Air. M&T Bank officials have said they will retain the 35 employees in those two offices.
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November 2, 2011
Boys & Girls Clubs of Harford County announced the organization has received a $7,500 grant from RBC Foundation - USA to pay for the organization's youth development programs. Boys & Girls Clubs of Harford County focuses on inspiring and enabling young people, especially those most in need, to reach their full potential as productive, caring and responsible citizens. "We're thrilled to receive this funding in order to help us accomplish our mission of offering hope and opportunity to all young people," said Randy Acosta, executive director of Boys & Girls Clubs of Harford County.
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BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | August 27, 2003
To some outside observers, the hiring of Wallace Mathai-Davis to head up Mercantile Bankshares Corp.'s wealth management division seemed ill-fated almost from the start. The former Offitbank executive was perceived by many as a brash Wall Streeter who bought a $3.5 million house, wore expensive tailored suits and craved attention. His style seemed to contrast sharply with Mercantile's image as the quiet, stodgy caretaker of Baltimore's old money. A little more than a year into his four-year contract, Mathai-Davis is out, leaving analysts and investors scratching for answers as to what went wrong.
BUSINESS
By Hanah Cho, The Baltimore Sun | May 12, 2011
M&T Bank Corp. is expected to close Monday on the purchase of Wilmington Trust Corp. after receiving all regulatory approvals required under the deal, M&T announced Thursday. Delaware-based Wilmington Trust, struggling with bad real estate loans, agreed in November to sell itself to Buffalo, N.Y.-based M&T for $351 million. Wilmington Trust Corp. does not operate retail branches in Maryland. It has wealth management and corporate client offices in Baltimore and Bel Air. M&T Bank officials have said they will retain the 35 employees in those two offices.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | March 23, 2007
The chairman of Mercantile Bankshares Corp.'s private wealth management division has joined a Baltimore rival three weeks after PNC Financial Group completed its $6 billion acquisition of the bank. Jeffrey W. Durkee, a former Legg Mason senior vice president who joined Mercantile last April, has been named president of M&T Investment Group, a division of Buffalo, N.Y.-based M&T Bank. The collection of investment subsidiaries has a combined $142 billion in assets under management, or roughly seven times that of Mercantile's wealth management group.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | March 6, 2002
Mercantile Bankshares Corp. named David L. Meyer yesterday as chief operating officer of its wealth-management business, the third time in a month the bank has added outside executive talent to the asset management side of its business. The appointment of Meyer, 44, was effective immediately. "We are particularly pleased that an executive with David's breadth and depth of experience is joining our management team," said Mercantile Chief Executive Officer Edward J. Kelly III. "He brings the seasoned judgment that will support our efforts to create a leading investment and wealth-management business."
BUSINESS
October 19, 2004
Banking and Finance Elswick is lending officer for Bank of Glen Burnie The Bank of Glen Burnie announced that Barbara J. Elswick was appointed chief lending officer for the north Anne Arundel County financial institution. She is responsible for the management of the bank's loan administration, operations and credit departments and the development of lending programs and products. She will also supervise internal loan operations, credit underwriting and risk assessment. With the bank for 29 years, she is active with the Financial Women International and the Risk Management Association.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 23, 2004
Mercantile Bankshares Corp., the Baltimore banking company whose wealth management division has been rocked by dismissals and dueling lawsuits, said yesterday that it has hired a former Mercantile executive to head the unit. Jay M. Wilson, a founder and general partner of Spring Capital Partners LP, a private equity fund in Baltimore, has been named a vice chairman of the state's largest independently owned banking company. He will be responsible for the investment and wealth management division when he takes over in January and is expected to become a director of the company.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | September 23, 2003
Pressure from low interest rates combined with merger expenses and a shake-up in its wealth management division will cut into Mercantile Bankshares Corp.'s bottom line in the current quarter, the bank said yesterday. Mercantile, the state's largest independent banking company, said the eroded interest margins and added expenses - which includes a seven-figure severance package paid to the ousted head of its wealth management unit - would drag earnings per share down by 10 cents or more from the previous quarter.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 12, 2000
Legg Mason Inc., which is quickly building its wealthy-client money management business, said yesterday that it has signed a definitive agreement to acquire Barrett Associates Inc. for an undisclosed price. Barrett, based in Manhattan, N.Y., manages about $2 billion for wealthy individuals, families, endowments and foundations. "There was this terrific strategic fit," said Peter L. Bain, head of wealth management at Legg Mason, the Baltimore-based brokerage and asset management company.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 28, 2011
Baltimore-based Wilmington Trust Federal Savings Bank, which provides commercial banking and wealth management, has entered into an agreement with federal regulators to boost capital levels and reduce bad loans on its books. The agreement, reached last month, comes as the bank's parent, Wilmington Trust Corp., is being acquired by M&T Bank Corp., but bank officials and analysts said the regulatory scrutiny is not expected to affect the merger. The Office of Thrift Supervision found that Wilmington Trust Federal Savings "has engaged in unsafe or unsound practices.
NEWS
By Paul Adams and Paul Adams,Sun reporter | June 21, 2008
Ferris, Baker Watts Inc., the conservative regional brokerage with Baltimore roots dating to 1900, closed yesterday its sale to a division of Royal Bank of Canada in an all-stock deal valued at more than $230 million. The sale was approved by Ferris' employee shareholders in a meeting yesterday morning in Washington. The deal combines the firm's 300 brokers spread among 42 branch offices in eight states with the 4,000 brokers and financial advisers in the wealth management division of Canada's largest bank.
BUSINESS
By Paul Adams and Paul Adams,Sun reporter | March 23, 2007
The chairman of Mercantile Bankshares Corp.'s private wealth management division has joined a Baltimore rival three weeks after PNC Financial Group completed its $6 billion acquisition of the bank. Jeffrey W. Durkee, a former Legg Mason senior vice president who joined Mercantile last April, has been named president of M&T Investment Group, a division of Buffalo, N.Y.-based M&T Bank. The collection of investment subsidiaries has a combined $142 billion in assets under management, or roughly seven times that of Mercantile's wealth management group.
BUSINESS
By JANET KIDD STEWART and JANET KIDD STEWART,TRIBUNE MEDIA SERVICES | July 2, 2006
Cash in a retirement account may no longer be an oxymoron. As stocks roil from one volatile trading day to the next, rates on money-market accounts, certificates of deposit and ultrashort-term bonds are nearing, and sometimes surpassing, a respectable 5 percent annual payout. But the very thought of extremely short-term investments wrapped in a retirement account that is long-term money by definition has the uneasy feeling of market timing, one of the biggest no-no's in the traditional world of personal finance.
BUSINESS
By BILL ATKINSON | January 28, 2005
FOR A BIG-TIME New York lawyer and investment banker, stepping in to run Mercantile Bankshares should have been a piece of cake. It has been anything but easy for Ned Kelly. Since Edward J. Kelly III took over in March 2001, he has had to take some bold steps to run the bank the way he sees fit. He nudged out H. Furlong Baldwin, the man who ran Mercantile for 25 years and brought Kelly to Baltimore. The two are no longer on speaking terms. He ousted fellow New Yorker Wallace Mathai-Davis, his choice to run the bank's wealth management division, because of personality clashes.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 23, 2004
Mercantile Bankshares Corp., the Baltimore banking company whose wealth management division has been rocked by dismissals and dueling lawsuits, said yesterday that it has hired a former Mercantile executive to head the unit. Jay M. Wilson, a founder and general partner of Spring Capital Partners LP, a private equity fund in Baltimore, has been named a vice chairman of the state's largest independently owned banking company. He will be responsible for the investment and wealth management division when he takes over in January and is expected to become a director of the company.
BUSINESS
By JANET KIDD STEWART and JANET KIDD STEWART,TRIBUNE MEDIA SERVICES | July 2, 2006
Cash in a retirement account may no longer be an oxymoron. As stocks roil from one volatile trading day to the next, rates on money-market accounts, certificates of deposit and ultrashort-term bonds are nearing, and sometimes surpassing, a respectable 5 percent annual payout. But the very thought of extremely short-term investments wrapped in a retirement account that is long-term money by definition has the uneasy feeling of market timing, one of the biggest no-no's in the traditional world of personal finance.
BUSINESS
October 19, 2004
Banking and Finance Elswick is lending officer for Bank of Glen Burnie The Bank of Glen Burnie announced that Barbara J. Elswick was appointed chief lending officer for the north Anne Arundel County financial institution. She is responsible for the management of the bank's loan administration, operations and credit departments and the development of lending programs and products. She will also supervise internal loan operations, credit underwriting and risk assessment. With the bank for 29 years, she is active with the Financial Women International and the Risk Management Association.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | March 20, 2004
A lawyer for one of two fired Mercantile Bankshares Corp. executives yesterday disputed the bank's claim that his client never informed superiors that his mother stood to gain if the bank selected a Minneapolis advisory firm to oversee one of its investment funds. But Mercantile stood by the firings of John J. Pileggi, the head of the bank's wealth management business, and his subordinate, Michael R. Donnell, a senior vice president in the division. The two executives were fired Thursday for failing to tell bank officials that Donnell's mother had collected a "nearly six-figure" referral fee from the firm, which was hired by the bank in the summer of 2002.
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