Glenmede makes third senior hire in three months

FWR Staff

11 February 2009

Ex-Wachovia investment strategist to lead new-business charge in Princeton. Glenmede Trust has struck again. The ultra-high-net-worth wealth and investment advisory has hired former Wachovia executive Frederick Young as business-development manager for its Princeton, N.J., office. He reports to Glenmede's Princeton office head John Phillips.

"In his interaction with wealthy families, Fred has proven himself to be an excellent synthesizer," says Phillips. "He combines his extensive knowledge of investments with an understanding of the individual nature of each client's financial and legacy goals."

Surge

Young, who had been with Wachovia for more than two decades, was most recently of portfolio management and investment strategy for the Charlotte, N.C.-based bank's U.S. Atlantic region with oversight of 20 staffers in New York, New Jersey and Connecticut.

Wachovia has been a part of San Francisco-based Wells Fargo since the beginning of this year.

Late last year, Glenmede appointed former U.S. Trust managing director John Wright as a Princeton-based portfolio manager and former Brooklyn NY Holdings investment manager Benjamin Alimansky to oversee hedge funds and "opportunistic investment strategies" within its Manager Alliances Program. Early in 2008, it hired former Bessemer Trust principal Adam Psichos to head its office in Morristown, N.J.

Glenmede's client-service chief Chip Wilson says Young's appointment, made "at a time when many financial providers are reducing their staff and capabilities" points to "Glenmede's commitment to wealth management and our need to address a continued surge in demand."

Philadelphia-based Glenmede's assets under supervision have dropped from about $20 billion at this time in 2008 to $17 billion, but the firm says it added more new clients last year than in any other year to date. Its New York-based rival Bessemer, which has also seen a slight drop in assets under supervision over the past year, also says it added qualified clients at an unprecedented rate last year, one of the broad investment market's worst years on record.

Glenmede was established in the mid 1950s by heirs of Sun Oil founder J.N. Pew as a fiduciary for the Pew Charitable Trusts. -FWR

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