Glenmede Corp. has hired the head of private banking at CoreStates Financial Group to run its New Jersey trust company.
William D. "Denny" Baird Jr. was named president of Glenmede Trust Company of New Jersey, Princeton, after a two-year stint at CoreStates in Philadelphia. He began work there in February.
Previously, he was president of Chemical Bank New Jersey, now part of Chase Manhattan Corp. While at Chemical, he managed Princeton Bank and Trust, which became part of Chase's private bank.
Mr. Baird succeeded Bruce D. Simon, who was named chief investment officer at Glenmede Trust Co. in Philadelphia. Mr. Simon succeeds Jack Church, who retired at the end of December.
Glenmede manages more than $13 billion of assets for wealthy people and institutions, including the Pew Memorial Trusts. The company was founded to manage the estate of Joseph N. Pew, founder of Sun Oil Co.
Mr. Baird said that, while heading CoreStates' private bank, which manages about $20 billion, he came to respect Glenmede as a strong competitor in Philadelphia. He added that he left CoreStates before any decision had been made about who would run private banking in the region after its merger with First Union Corp., Charlotte, N.C., is closed.
His objective is to make Glenmede a more recognizable name to wealthy New Jerseyans. The trust company entered the state six years ago when it acquired a smaller firm in Princeton.
"My challenge is to identify Glenmede in New Jersey with unparalleled service for the high-net-worth market. It's going to get harder the further north we go, as we get further away from Philadelphia," he said.
Mr. Baird is expected to play a large role at Glenmede, said James L. Kermes, president and chief executive of the company. He was hired after a six-month search for someone who has "strong managerial talents and experience" and is "well-positioned in the community."