Wilmington Trust said Thursday that it had hired Philip P. Cave from Bessemer Trust's Atlanta office to be the president of Wilmington Trust FSB Georgia.
Mr. Cave is to lead business development and client account management for the parent Wilmington, Del., company's wealth advisory business in Atlanta and the Southeast. His hiring is the latest event in the company's Atlanta-area expansion, according to Rodney P. Wood, an executive vice president and the head of Wilmington Trust's wealth advisory business.
Wilmington Trust entered the Atlanta market in 2002, buying the investment counseling firm Balentine & Co., which was led by Robert M. Balentine. Since then the Delaware trust company has established headquarters for its investment management business in Atlanta under Mr. Balentine and has added senior professionals locally and nationally.
Mr. Cave headed the Bessemer office in Atlanta before joining Wilmington Trust. He has also held senior private banking posts at JPMorgan Chase & Co. and Wachovia Corp. He reports to Peter Atwater, who leads the parent's national wealth advisory offices, and succeeds Jeffrey Adams, who retired after 10 years with Balentine and Wilmington Trust.
