Trust co. says Cave’s hire “positions us for growth” in Atlanta. Philip Cave, the former head of Bessemer Trust’s office in Atlanta, has been made president of Wilmington Trust FSB Georgia. That puts him in charge of business development and client-account management for Wilmington Trust’s advisory business in Atlanta and the Southeast. He replaces Jeffrey Adams, who has retired.

“His hiring further positions us for growth in the region, and I am confident that our clients will benefit from his leadership and experience,” says Peter Atwater, who heads Wilmington’s national wealth-advisory offices.

Families and foundations

Atwater’s boss Rodney Wood agrees, calling Cave’s appointment “the latest development” in Wilmington’s expansion in the Atlanta region.

That “development” got underway in 2002 when Wilmington acquired Atlanta-based Balentine & Company, led by Robert Balentine. Since then Wilmington Trust has established headquarters for its investment management business in Atlanta under Balentine, and added several senior professionals to its investment team. Wilmington’s wealth-advisory business offers financial and estate planning, fiduciary, investment-management, private banking and family-office services.

“I look forward to working with Philip and his team in bringing [Wilmington’s] outstanding wealth advisory capabilities to high-net-worth families and prominent foundations in the Southeast,” says Balentine.

Prior to his time at Bessemer, Cave held senior private banking positions with JPMorgan and Wachovia.

Wilmington, Del.-based Wilmington Trust had $38 billion under management at the end of September 2005, including assets managed by its investment affiliates Roxbury Capital Management and Cramer Rosenthal McGlynn. Outside Delaware, the trust company and its affiliates have offices in California, Florida, Georgia, Maryland, Nevada, New York, Pennsylvania, South Carolina and Vermont. Overseas it has offices in London, Dublin, the Cayman Islands and the Channel Islands. –FWR

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