First Michigan Bank Corp. has appointed its chief financial officer to oversee both investment and trust services as part of a strategy to mesh the capabilities of the two businesses.
Larry D. Fredricks has been appointed chairman of the board of FMB- Investment Services. Mr. Fredricks, who will continue as the banking company's chief financial officer, has also joined the board of FMB-Trust Services.
First Michigan manages $1.6 billion in trust assets as well as $325 million in proprietary mutual fund assets.
The move mirrors that of many banks which in recent years have integrated trust activities with their investment management and private banking units.
Taking on total responsibility for the two business, Mr. Fredricks believes a more concerted promotion of FMB's investment products will boost its personal trust business.
"We believe we're losing a tremendous opportunity if we do not reach out and offer investment planning," Mr. Fredricks said.
Mr. Fredricks thinks greater exposure of FMB's investment management will expand its cross-selling environment to tap the growing trust market, which is awaiting a transfer of wealth to the baby boomers.
"What I hope to do is bring in as many people to be trust customers for FMB to manage or be custodian for the estates that are being created out there today," Mr. Fredricks said.
First Michigan is a $3 billion-asset banking company based in Holland, Mich.