Jones Lang LaSalle
Wilmington Trust opens office near Route 1
Tuesday, June 20, 2006
One of the bigger players in the wealth management business has just put its shingle out on the Route 1 corridor.
Wilmington Trust has offices around the world and $40.4 billion under management, and after seven years of eyeing the Princeton market with great interest has opened an office at 100 Overlook Center.
"The demographics are ideal for what we see as our niche," said Jeff Culp, chief operating officer for Wilmington Trust of Pennsylvania. "There's a significant amount of family owned and family controlled business there."
Culp also said a large executive community and the presence of big pharma and the health-care indus try also made it attractive to establish a franchise in this territory.
Wilmington Trust has four employees working out of its new office, and its long-range staffing plan calls for as many as 15 additional workers, people with expertise not only in wealth management but in commercial banking and real es tate construction and lending.
For help in jump-starting the new office, Wilmington Trust hired a managing director with knowledge of the local market: Sean S. Murray, a former Wachovia managing director and senior vice president of wealth management. Mur ray left Wachovia this year after joining the bank in 1997.
Culp said the opportunity to build a franchise office in wealth management from the ground up attracted Murray after years em bedded in a large corporate infrastructure.
Previously he served with UJB, NatWest and Fleet Bank, now Bank of America. Exelon, PSEG still back deal Exelon and Public Service Enterprise Group said yesterday they are still working toward regulatory clearance of their planned merger and affirmed their continued en thusiasm for the deal to create the country's largest electric utility.
The announcement came on the heels of today's deadline for either company to walk away from the transaction without paying a $400 million penalty.
"There was a lot of interest in the June 20th (walkway) date," said Jennifer Medley, a spokeswoman for Exelon. "We thought it would be useful for investors and others to have an update on our thinking."
The companies reiterated yesterday that the $16 billion deal makes sense for investors and customers, though scrutiny by the U.S. Justice Department and New Jersey Board of Public Utilities has dragged on for months and economic conditions have pushed up the price tag for the deal.
The companies hope to close the deal during the third quarter.
Even after the walkaway date, the companies have said the deal hinges on securing acceptable concessions from the federal and state regulators, who may require the company to sell certain power plants.
Critics of the deal said the companies haven't sufficiently addressed concerns about whether the combined company, Exelon Electric & Gas would be so powerful it could set prices for electricity within the state and region, a prospect that would lead to higher rates for businesses and customers.
-- Shira Ovide
© 2006 The Times of Trenton
© 2006 NJ.com All Rights Reserved.
Wilmington Trust opens office near Route 1
Tuesday, June 20, 2006
One of the bigger players in the wealth management business has just put its shingle out on the Route 1 corridor.
Wilmington Trust has offices around the world and $40.4 billion under management, and after seven years of eyeing the Princeton market with great interest has opened an office at 100 Overlook Center.
"The demographics are ideal for what we see as our niche," said Jeff Culp, chief operating officer for Wilmington Trust of Pennsylvania. "There's a significant amount of family owned and family controlled business there."
Culp also said a large executive community and the presence of big pharma and the health-care indus try also made it attractive to establish a franchise in this territory.
Wilmington Trust has four employees working out of its new office, and its long-range staffing plan calls for as many as 15 additional workers, people with expertise not only in wealth management but in commercial banking and real es tate construction and lending.
For help in jump-starting the new office, Wilmington Trust hired a managing director with knowledge of the local market: Sean S. Murray, a former Wachovia managing director and senior vice president of wealth management. Mur ray left Wachovia this year after joining the bank in 1997.
Culp said the opportunity to build a franchise office in wealth management from the ground up attracted Murray after years em bedded in a large corporate infrastructure.
Previously he served with UJB, NatWest and Fleet Bank, now Bank of America. Exelon, PSEG still back deal Exelon and Public Service Enterprise Group said yesterday they are still working toward regulatory clearance of their planned merger and affirmed their continued en thusiasm for the deal to create the country's largest electric utility.
The announcement came on the heels of today's deadline for either company to walk away from the transaction without paying a $400 million penalty.
"There was a lot of interest in the June 20th (walkway) date," said Jennifer Medley, a spokeswoman for Exelon. "We thought it would be useful for investors and others to have an update on our thinking."
The companies reiterated yesterday that the $16 billion deal makes sense for investors and customers, though scrutiny by the U.S. Justice Department and New Jersey Board of Public Utilities has dragged on for months and economic conditions have pushed up the price tag for the deal.
The companies hope to close the deal during the third quarter.
Even after the walkaway date, the companies have said the deal hinges on securing acceptable concessions from the federal and state regulators, who may require the company to sell certain power plants.
Critics of the deal said the companies haven't sufficiently addressed concerns about whether the combined company, Exelon Electric & Gas would be so powerful it could set prices for electricity within the state and region, a prospect that would lead to higher rates for businesses and customers.
-- Shira Ovide
© 2006 The Times of Trenton
© 2006 NJ.com All Rights Reserved.
posted by Jones Lang LaSalle NJ News Blog at 9:45 AM
<< Home