SunTrust Banks will merge administration of its three institutional investment managers into one unit in May. The as-yet-unnamed entity will combine the approximately 100-member investment management staffs of Crestar Asset Management, STI Capital Management and Trusco Capital Management. Administration will be handled from Atlanta.
The changes are limited to administrative consolidations among the three money management companies. Staff members will not be laid off or moved from the five regional offices where they work, said Tony Mattera, SunTrust spokesman.
James Wood, president of STI, and Ben L. Jones, president of Crestar Asset Management, both are retiring voluntarily. Douglas S. Phillips, who heads Trusco, will be president and CEO of the new unit.
The new entity will manage about $50 billion for about 200 institutional clients.