Big shakeup at GenSpring
CEO and CIO head for the exits
Jean L.P. Brunel, chief investment officer of GenSpring Family Offices LLC, has left the wealth management firm. The move comes on the heels of the departure of chief executive Maria Elena Lagomasino.
Mr. Brunel left the firm last Friday, the day after GenSpring announced that Ms. Lagomasino will be replaced by Thomas Carroll, most recently the leader of SunTrust Banks Inc.’s sports and entertainment group. GenSpring is a wealth management affiliate of SunTrust and is among the largest multifamily offices in the nation.
A source close to the matter said that Ms. Lagomasino and Mr. Brunel left the firm because they had wished to focus on serving clients around the world as a global multifamily office. Non-U.S. clients have specialized banking needs, and as more wealthy Americans live or marry outside of the country, they require specialists in taxation, estate planning and numerous other topics.
Those desires appeared to run counter to what SunTrust had in mind for GenSpring, that is, penetrating markets it hasn’t pursued aggressively, such as sports and entertainment, the source said.
Mr. Brunel, who is now back at his firm Brunel Associates LLC, did not comment. An e-mail to Ms. Lagomasino’s GenSpring address was not returned.
Hugh Suhr, a SunTrust spokesman, was not immediately available for comment.
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