Glenmede Trust has confirmed that its president and chief executive Al Piscopo is retiring at the end of 2009 and that the multifamily office's chief investment officer Gordon Fowler will assume his position and titles in the New Year.

Word of Piscopo's retirement has been out since at least April 2009 -- by means of an audio file posted on the firm's website rather than a press release -- but the development seems to have escaped notice by the press until now. Glenmede's clients have known about the impending leadership change for most of this year, says the firm's public relations manager Melissa Stonberg.

Fowler joined Glenmede from JPMorgan Private Bank, where he was head of global investment management, in 2003.

Philadelphia-based Glenmede was established in 1956 by heirs of Sun Oil founder J.N. Pew, principally as a fiduciary for the Pew Trusts. During Piscopo's 37-year tenure with the firm, it evolved into a commercial multifamily office that provides investment management, trust and estate administration, tax advice, financial planning and philanthropic consulting and administration to individuals and families with at least $3 million and their associated institutions. It has nearly $16 billion in assets under supervision.