The market demographics for Princeton have lured yet another trust company to Princeton, to join Glenmede and U.S. Trust, not to mention the private bank divisions of several major banks. “The demographics are significant in Central New Jersey,” says Jeff Culp, chief operating officer of Wilmington Trust of Pennsylvania, citing the number of family-owned businesses and the amount of wealth that exists in the Princeton-area market.
What makes Wilmington Trust different from the other trust companies, he says, is its determination to speak with one encouraging voice to both high net worth (wealth management) clients and the commercial clients.
Some trust companies have no commercial banking capability, and those that do, Culp claims, do not meld the two functions. Bankers may assume that the two sides will talk to each other and support each other’s clients, but says Culp, “they don’t.”
“Our model is to have them report to one individual and drive the business that way,” he says. “We establish relationships with a family-owned business, and as the business grows we are there to help them out on the estate and tax planning side as well as if there is a ‘liquidity event.’ We established this model in Pennsylvania 10 years ago, and it has been very successful.”
Culp is a 1981 University of Pittsburgh alumnus who grew up in the Wilkes-Barre area, where his father had a family business that fell apart in the second generation. “It affected my insight,” says Culp. “As a banker, you have to be persistent, to really spend the time with business owners on what will be the succession plan for what they are going to do with this asset they are growing for their family.”
Sean Stockton Murray, the new managing director here, is a Princeton native whose father was with Gallup & Robinson, the market research firm. He majored in economics at Guilford College, Class of 1985, and has an MBA from Villanova University. He has been director of annual giving at the Lawrenceville School and has held positions at United Jersey Bank and National Westminster/Fleet Bank. Most recently he was managing director and senior vice president of the Wealth Management Group at Wachovia, where he increased net profit by 21 percent in 2004.
As of July 1 there will be eight people at the 100 Overlook location, four of them from a Deutsche Bank office based in New York City, and four from Wachovia’s Wealth Management Group. Arriving with Murray from Wachovia is Delia Bass-Dandridge, a graduate of Tufts University with more than 24 years of experience in private banking and wealth management; she is senior private client advisor. Two commercial bankers are coming from the commercial office of Wilmington Trust in Philadelphia — Greg A. Hartin, a graduate of Boston University, and Anthony W. LaMarca, who went to Northeastern University.
The company is in expansion mode: A commercial banking office opened an office in Bethlehem, Pennsylvania. Another New Jersey office is in Mount Laurel. In addition to Philadelphia, other Pennsylvania offices are in Villanova, Doylestown, and West Chester, and Maryland has locations in Baltimore and Bel Air.
Don’t expect to see billboard ads. Culp says Wilmington Trust gets most of its clients by referral from other clients or accountants and attorneys. Nevertheless, the trust company will support organizations that are important to its clients or those who influence them. By sponsoring educational and arts organizations, it gains access to board members of those institutions.
“The ‘influencer’ community is very important to us,” says Culp. “The bulk of new business comes to us via our clients and our referral sources.”
“We are very excited to be in a market with a team that is from that market, representing both commercial and wealth management with a combined business model,” says Culp. “Our goal is to move to permanent space in the fourth quarter of this year. Our growth will be driven by the ability to find and acquire the right talent. The reception has been encouraging.”
Wilmington Trust of New Jersey FSB (WL), 100 Overlook, Second Floor, Princeton 08540; 609-395-9037. Sean S. Murray, managing director. Home page: www.wilmingtontrust.com
Buchanan Ingersoll Merges
Two big Pittsburgh-based law firms, one with an office at Alexander Park and the other with an office in Newark, will merge, as announced on June 13. Buchanan Ingersoll will join Klett Rooney Lieber & Schorling and become Buchanan Ingersoll & Rooney. The “Rooney” name refers to Arthur J. Rooney II, who is president and general counsel of the Pittsburgh Steelers.
About 250 attorneys and staff members will join Buchanan, making the combination one of the largest 80 law firms in the country, with estimated gross revenues of $265 million.
“I think the merger makes sense; I think the cultures are very similar — both collegial,” says Arlene Sengstack of AV Consultants, a Bridgewater-based legal recruiting firm numbering Buchanan Ingersoll’s Alexander Park office among its clients. That both firms are based in Pittsburgh, which has a sort of midwestern ambience, will help to retain the teamwork ethic for which each company is known. “The companies are small enough so attorneys can know each other pretty well, at least in the home office, and they work hard at accomplishing that,” she says.
“We are very much on the same page, as far as collegiality and teamwork. That was important to us and important to Klett,” says Ivan Punchatz, managing shareholder of the Princeton office of Buchanan Ingersoll.
David S. Garber, a former Buchanan Ingersoll attorney who founded Princeton Legal Search Group at Forrestal Village, is not as sure about the merger’s value. “I’m not clear how it helps Buchanan Ingersoll, though I understand how it helps Klett Rooney, which is a much smaller firm. Typically, with a merger, you are breaking into new markets, but these two firms are operating in the same cities.”
In addition to Newark, Klett Rooney has offices in Philadelphia, Harrisburg, Wilmington, and Washington DC. Except for Newark, Buchanan also has offices in each of those cities, plus those in Alexandria, New York, Tampa, Cleveland, Silicon Valley, and San Diego.
The Princeton office currently has 16 attorneys who focus on banking, bankruptcy, commercial transactions, corporate and commercial litigation, health care, and labor law. “Newark’s nine-attorney transactional and environmental litigation practice will augment our practice in Princeton,” says Punchatz.
In the combined firms, more than 70 lawyers (including the 25 “resident” lawyers in Newark and Princeton, plus those based in New York who have passed the bar in New Jersey) will be able to practice in the state. Tom VanKirk will remain as Buchanan’s CEO, and Jack Barbour of Klett Rooney will serve as executive shareholder.
Buchanan Ingersoll had suffered in 2001 when it lost most of its attorneys focusing on labor and employment law, historically one of its strongest areas, to San Francisco-based Littler Mendelson. “It was a significant blow,” says Sengstack.
Also in 2001, David Sorin had decimated the Princeton office of Buchanan Ingersoll when he walked away with 30 of the 60 attorneys. (Sorin is now at Morgan, Lewis & Bockius.)
Buchanan responded to these setbacks, adding 100 lawyers last year, including 55 from the intellectual property firm, Burns Doane Swecker & Mathis, which has offices in Virginia and California. Other 2005 acquisitions were a government relations boutique, a group of nine litigators from Saul Ewing in Philadelphia, tax and immigration attorneys in Miami, and a New York-based national litigation boutique, Slotnick, Shapiro & Crocker.
“The overall increase of critical mass will position them to be competitive in an extremely competitive legal market, where the demand for talent outweighs the supply,” says Sengstack. “The two firms had gotten lost in the tremendous growth of other firms.”
Buchanan Ingersoll and Klett Rooney are just two of the Pennsylvania-based firms to seek a foothold in New Jersey. But the others — including Duane Morris, Pepper Hamilton, Saul Ewing, and Dechert — are from Philadelphia, where the business climate is not so strong. “The reason so many of these law firms came to New Jersey is that New Jersey is a significantly growing economy and law firms go where the customers are,” says Sengstack.
One of the challenges for lawyer recruitment in New Jersey, she notes, is the geographical one. Commuting from one end of the state to the other can be impractical for attorneys with demanding schedules. “People who live in North Jersey do not want to commute to Princeton,” says Sengstack. “Klett Rooney having a Newark office may help them.”
Buchanan Ingersoll PC, 700 Alexander Park, Suite 300, Princeton 08540-6635; 609-987-6800; fax, 609-520-0360. Ivan J. Punchatz Esq., managing shareholder, New Jersey office. Home page: www.buchananingersoll.com
Everybody agrees that nutrition and physical activity relate to health and longevity, yet health professionals have too little time (and often too little knowledge) to provide appropriate counsel to their patients. Viocare, based on Witherspoon Street, hopes to change that. It has technology for health professionals, such as software for dietitians to track their patients’ eating habits.
Viocare’s founder, Rick Weiss, has won 11 Small Business and Innovation Research (SBIR) grants, totaling $3 million, to work on this software. His 11th and most recent grant, awarded in April by the National Heart, Lung, and Blood Institute, was for $750,000. It grant calls for him to enhance his dietary questionnaire system, called VioScreen. The new “bells and whistles” will be a physical activity assessment and an impediment evaluation.
It works like this. When you report for your annual physical, you use a PC or tablet computer to answer a questionnaire about your diet and activity levels. The software generates a report evaluating nutrition, fitness status, barriers to making improvement, and your “readiness to change.” It informs the doctor what to tell you to do to improve your health.
Weiss, a graduate of Carnegie Mellon (Class of 1980), has master’s degrees from Princeton University. He plans to add two full-time staff members to his office of five employees.
“The complete system has tremendous potential to facilitate effective lifestyle counseling directed toward weight control and, ultimately, the prevention of chronic disease,” says Weiss in a press release.
Viocare Technologies Inc./Princeton Multimedia Technologies, 145 Witherspoon Street, Princeton 08542; 609-497-4600; fax, 609-497-0660. Rick Weiss, president. www.viocare.com
ALK Technologies Inc., 1000 Herrontown Road North, Princeton 08540; 609-683-0220; fax, 609-683-0290. Alain Kornhauser, founder. Home page: www.alk.com
A new version of PC*Miler, a routing, mileage, and mapping software, was released in May for carriers and shippers of hazardous materials. The release coincides with the 20th anniversary of PC*Miler, ALK’s flagship software product for the transportation and logistics industry.
Advaxis (ADXS), 212 Carnegie Center, Suite 206, Princeton 08540; 609-895-7150; fax. J. Todd Derbin. www.advaxis.com
Advaxis is enrolling cervical cancer patients in Serbia, Israel, and Mexico in a six-month clinical trial to treat cervical cancer, the second most common cancer in women. Advaxis licenses Listeria platform technology, based on technology developed by Yvonne Paterson, a University of Pennsylvania microbiologist, that can elicit effective anti-tumor responses. The drug is Lovaxin C, a listeria-based live vaccine that could also have applications in the fields of infectious disease and autoimmune disorders.
CUH2A, 1000 Lenox Drive, CN-5380, Princeton 08543-5380; 609-844-1212; fax, 609-791-7700. Scott Butler, president. Home page: www.cuh2a.com
CUH2A will help to design a $400 million biodefense research facility at Fort Detrick, Maryland. The 700,000-square-foot facility will be part of the National Interagency Biodefense Campus and will house the Army Medical Research Institute of Infectious Diseases. It could cost as much as $800 million and should be finished within four years.
GS1 (US), 1009 Lenox Drive, Suite 202, Lawrenceville 08648; 609-620-0200; fax, 609-620-1200. Miguel Lopera, CEO of GS1 and GS1 US. Home page: www.epcglobal.org
GS1 has announced that the number of companies using its Global Data Synchronization Network (GDSN) has grown from 200 to over 5,000 in the last 12 months. GDSN connects a global yellow pages directory to data pools in order to exchange standardized data with trading partners on a real-time basis.
Xechem International, a biopharmaceutical company based in New Brunswick, has received orphan drug status from the Food and Drug Administration (FDA) for a compound that treats sickle cell disease, an inherited blood disease affecting red blood cells. The disease can cut lives short and cause severe pain.
Recently embroiled in an antitrust suit with Bristol-Myers Squibb over its marketing of paclitaxel, the generic equivalent for B-MS’s anti-cancer drug, Taxol, Xechem settled with B-MS for $4.2 million late last year. Xechem plans to use this money to work on a sickle cell drug, 5-HMF, being developed by Donald Abraham at Virginia Commonwealth University.
Xechem Inc./Xechem International Inc. (XKEM), 100 Jersey Avenue, Building B, Suite 310, New Brunswick 08901-3279; 732-247-3300; fax, 732-247-4090. Ramesh C. Pandey, chairman, president, CEO. www.xechem.com
New In Town
Therapedic Sleep Products, 103 College Road East, Second Floor, Princeton 08540; 609-720-0700; fax, 609-720-0797. Gerry Borreggine, president. Home page: www.therapedic.com
Therapedic Sleep Products moved its headquarters from Middlesex County to College Road in March to “upgrade our facility,” according to Gerry Borreggine, Therapedic’s president for the last three years.
One of the top 10 mattress manufacturers, Therapedic is the only one headquartered in New Jersey. Since opening its first factory in Elizabeth in 1957, the company now has 17 factories domestically and another 31 internationally.
Borreggine says that Therapedic has grown seven to eight percent annually during his tenure and recently signed a key licensing agreement with Kathy Ireland Home, a $1.3 billion operation based in Los Angeles. Therapedic began selling their product as mattress licensee in January.
Borreggine came to Therapedic after selling Forty Winks, a chain of retail stores he owned in southern New Jersey. The biggest difference, he says, in his new position is: “I’m no longer the customer.” But he adds that empathy with the customer perspective is, he hopes, “one of my advantages in this position.”
Borreggine says that growth is a possibility in the headquarters, whose six people comprise the licensing group and the executive management team.
Orion Systems Integrators Inc., 3759 Route 1 South, Suite 102, Monmouth Junction 08552; 732-422-9922; fax, 732-422-6445. Home page: www.orioninc.com
Orion Systems Integrators recently opened its headquarters in South Brunswick. With offices in India and Germany, the company’s consultants offer information technology solutions from concept, analysis, and design through implementation, training, day-to-day support and management.
Orion’s specialties include e-commerce, enterprise network, database, WAP/WML applications, and website design and development. WAP/WML Applications, and network implementation.
TF Instruments Inc., 11 Deer Park Drive, Suite 105-A, Monmouth Junction 08852; 732-355-9960; fax. Richard G. Morris, CEO. Home page: www.tf-instruments.com
TF Instruments opened offices in Princeton Corporate Plaza in November and at the same time brought in Richard G. Morris as CEO. The company is aggressively promoting its ultrasonic resonator technology, which has implications for either reducing costs or improving quality in industrial processes as well as in early diagnoses of neurodegenerative diseases.
Morris has over 25 years experience in biomedical and analytical chemistry instrumentation and biotechnology. He has a doctorate from the University of California and worked at Dionex Corp., where he was vice president of international operations. At Molecular Dynamics in Sunnyvale, California, he managed sales and service operations. He has also been president of Sigma-Aldrich Research in St. Louis and chief marketing officer at CambridgeSoft Corp., in Cambridge. Most recently he worked next door to his current lab, at PharmaSeq.
Exponents New York, 189 Wall Street, Research Park, Princeton 08540; 609-688-1860; fax, 609-688-1865. Chip Miller, owner. www.exponentsny.com
Exponents New York, which designs and manages trade show exhibits, moved earlier this month from 1 Airport Place, where it was subletting from Display Presentations, to its own space. Exponents has five employees and is in the process of hiring two or three more. Display Presentations, a competitor of Exponents, closed its New Jersey office earlier this year and now works from its headquarters in Hauppauge, NY.