Alex. Brown to begin venture
Alex. Brown Inc. said yesterday that it would join a Philadelphia-based trust management firm to create a joint venture to manage trusts and other assets for individuals and institutions with $3 million or more to invest.
Alex. Brown and the Glenmede Corp. would each own half of the joint venture, to be known as Chesapeake Advisory & Trust Holdings Inc. Its first operations are expected to open in the spring and would initially be based at Alex. Brown's Baltimore headquarters.