Bank of New York Co. has put its stamp on the recently acquired Putnam Trust Co. by naming a new president.
John J. McGuinness 3d, who led investment and private banking for Bank of New York's Long Island division, succeeded Michael M. Cassell, who resigned from the post last week.
Mr. McGuinness took the helm of Putnam on Thursday, but Mr. Cassell will stay on for the transition.
Putnam, which has $2 billion under management, was acquired in September by Bank of New York in a bid to tap its wealthy clientele. The trust company is unrelated to Putnam Investments Inc., Boston, the large mutual fund company.
Mr. Cassell explained in a telephone interview that he had felt committed to Putnam when it was a publicly traded, independent company. When that status changed, he said, so did his mind.
"I ran the bank before, and now somebody else is running the bank. It's time for me to do something else," he said.
David Ross Palmer, a private banking consultant in New York, said Mr. Cassell's departure was not surprising.
"It's vintage Mike," he said. "Essentially, he wants to be the guy in charge."
In a telephone interview Thursday, Mr. McGuinness said he had jumped into his new post quickly. He spent the day driving through the affluent suburbs of Connecticut's Fairfield County, he said, meeting 140 Putnam employees in eight branches.
"Greenwich is one of the most attractive markets in the country," Mr. McGuinness said. "Putnam is without a doubt the highest-quality franchise in the state of Connecticut."
The Putnam acquisition boosted Bank of New York's trust and private banking assets under management to $35 billion.
Mr. McGuinness' appointment was the second top-level management change this month for Bank of New York's investment units.
The banking company hired Burton M. Siegel, a former partner in the money management firm of Weiss, Peck & Greer, New York, to replace David W. Kilbride early this month as head of personal asset management.
Mr. Siegel began work March 4 as a senior vice president. Mr. Kilbride joined U.S. Trust Co. of Connecticut as a vice president on March 12.
