The advisor to the STI Classic Mutual Fund family is losing its chief. Douglas S. Phillips, president and chief investment officer of Trusco Capital Management said Friday afternoon that he will retire from the Atlanta-based firm on December 31.
David Eidson, the advisory firm's chairman, said that Trusco is spreading Phillips' investment management responsibilities across the firm's existing executive team. Bob Rhodes, director of Equity Management, will chair the Investment Policy Group while Betty Pola, director of Equity Research, will continue to work with Bob as manager of Trusco's Core/Growth equity discipline.
Phillips had spent nearly 32 years at Trusco. He started in the trust department of Trust Company Bank and then helped to found Trusco Capital Management in 1984. He became president in 1988.
"Over a long and successful career at the firm, Doug Phillips has been instrumental in building our asset management capabilities and track record. He has overseen our growth from less than $2 billion in assets under management to nearly $70 billion today. We are thankful for Doug's service, and wish him the best in a well-deserved retirement," said Eidson.
Phillips said that he would spend more time with his family and "achieve a better balance between my professional and personal lives."
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