ATLANTA – SunTrust Banks Inc. says it will combine its three investment management subsidiaries into a single investment company to manage about $50 billion in assets for clients ranging from hospitals and insurance companies to endowments and foundations.
Douglas S. Phillips, named president and CEO of the combined firm, says the goal is to position the bank to be a more competitive investment manager as the industry shifts toward larger, multi-product firms.
The consolidated investment management firm, a wholly owned subsidiary of SunTrust Banks, brings together Crestar Asset Management Co. in Richmond; STI Capital Management in Orlando; and Trusco Capital Management in Atlanta. Phillips has been head of Crestar.
A new name for the consolidated company has not been selected but will take effect in May.
Atlanta-based SunTrust Banks, with $95.4 billion in assets, is the ninth largest banking company in the U.S.