Two months after Chief Executive Frank Maiorano left Trust Company of America, another top executive has left the Colorado-based custodian for a key post at Institutional Wealth Services.
Bob Oros, who was recruited by Maiorano as vice president/national sales manager, takes over next week as executive vice president, RIA sales and relationship management, reporting to Institutional Wealth Services President Mike Durbin, a Fidelity spokesman confirmed.
In November, Trust Company Chief Marketing Officer Jennifer Nealson said Maiorano, who had married several months earlier, had left to spend more time with his family. Today Trust Company spokesman Barry Schwartz said the recent executive departures are “certainly not an exodus in any way, shape or form.
“Frank retired, and Bob left for a once-in-a-lifetime opportunity,” Schwartz said in an e-mail. “Frank's place is now ably filled by (board member) David Barry, and Trust is now engaged in a national search for a replacement for Bob. All that said, Trust is doing exceptionally well and growing at a faster pace than most of the companies in the custodial space.”
Oros joined Trust Company in October 2010. Schwartz said his last day was yesterday. In a statement, Barry said Oros “has built an impressive team that is having record success bringing value to RIA clients.” Trust Company reports assets of $10.5 billion, up from $9.1 billion in the first quarter of 2010.
At Fidelity, Oros will fill a space created when Scott Dell’Orfano was moved out of national sales in the first half of 2011 and into a special project, about which Fidelity has said little. Before joining Trust Company, Schwartz said, Oros had worked as executive vice president of custom clearing services at LPL Financial. From November 2002 to October 2007, he was vice president, senior divisional manager atCorp., supervising the East Coast sales team that worked with RIAs.