18 10 / 2011
On The Move-Ballentine Partners names new successors
Ballentine, 62, who has been in the wealth management
industry for almost three decades, said on Tuesday that former
managing director Drew McMorrow will take his place as
president of the Waltham, Massachusetts, firm.Coventry Edwards-Pitt, also a former managing director,
will become chief wealth advisory officer in a newly created
role alongside McMorrow.”I had always planned on handing (the firm) over,” said
Ballentine in an interview, noting that he was in “good health”
but saw a need to hand over his executive duties to his younger
colleagues. “After being asked by clients and outside advisers
about the issue, it seemed the responsible thing to do.”Ballentine, who founded Ballentine Partners in 1984, will
continue to work with the firm as chairman. He said the idea
behind hiring McMorrow and Edwards-Pitt, as former senior
staffers, was to maintain the firm’s culture and independent
vision.”At the beginning of this process two years ago, my
preference was for finding the future leaders from within our
ranks,” he said, noting that he did not exclude the possibility
of hiring from outside the company.The firm, which oversees about $6.5 billion in assets,
caters primarily to ultra-high-net-worth families.”Our business is about serving wealthy families through the
generations and they want long-term stability from us,”
McMorrow said.McMorrow said the 50-member firm does not set growth
targets, but plans to expand the employee base over the next
few years.”We’re constantly recruiting so that we’re ready to make a
decision on people as we need to add,” McMorrow said, noting
that the firm currently has several job announcements in the
pipeline.McMorrow, who has been with the firm for nine years, and
Edwards-Pitt, who has been with the firm for seven years, will
continue their advising roles while taking on their new
management responsibilities.
