Douglas Phillips will retire as president and CIO of Trusco Capital Management, effective Dec. 31, according to a news release from the firm. Mr. Phillips, who began his career in the trust department of Trust Co. Bank nearly 32 years ago, was one of the founders of Trusco Capital Management in 1984. He assumed his current role in 1988. "I concluded that it was time to spend more time with my family and achieve a better balance between my professional and personal lives," he said in the news release.
Mr. Phillips' responsibilities will be given to Trusco's existing executive team. Bob Rhodes, director of equity management, will chair the investment policy group. Betty Pola, director of equity research, will continue to work with Mr. Rhodes as manager of Trusco's core/growth equity discipline. Mike McCoy, Trusco spokesman, said David Eidson, chairman, will assume day to day presidential responsibilities. Mr. McCoy had no information on whether a search will be conducted for a permanent replacement.
The firm has nearly $70 billion in assets, the release said.