GenSpring Family Offices Acquires TBK Investments

    - Creates GenSpring International -

    PALM BEACH, Fla., Sept. 6 /CNW/ -- GenSpring Family Offices, one of the
country's leading multi-family offices focused on sustaining multi-
generational wealth for families of extraordinary success, is pleased to
announce it has acquired TBK Investments.  TBK Investments is a multi-family
office founded by Santiago Ulloa in 2000 and is based in Miami, Florida.  TBK
serves more than 60 families -- located primarily in Latin America and
Southern Europe and has nearly $1.5 billion in assets under advisement.  As a
result of the acquisition, TBK will be changing its name to GenSpring
International.  Mr. Ulloa will become president of GenSpring International and
will continue to lead and build GenSpring's business with international
families.  No material changes are expected either in TBK's personnel or in
their handling of these international relationships. Terms of the transaction
were not disclosed.
    "We have known for some time now that demand for objective,
family-aligned advice and solutions is a growth market not just within the
United States, but also on a global basis.  Santiago and his team have proven
that a firm can build a successful, independent family-aligned business in
countries outside of the United States. In fact demand for unbiased advice is
as robust internationally as it is domestically," said Maria Elena Lagomasino,
GenSpring's Chief Executive Officer.
    "As successful as GenSpring has been in the United States, growing from
$500 million in family assets under advisement to nearly $11 billion in the
past 6 years, by partnering with TBK and creating GenSpring International we
expect to continue that track record of growth and industry leadership in the
international markets as well," added Ms. Lagomasino.
    "I am pleased to align our firm with GenSpring Family Offices and I look
forward to the opportunity to continue serving all of our current families
under the umbrella of GenSpring. This alignment will also provide us with the
opportunity to expand our reach and capabilities for new families as we take
advantage of the additional resources that GenSpring brings to bear," said Mr.
Ulloa, founder of TBK investments. "Our existing customer relationships will
remain with their TBK teams who have served them so well over the years and we
expect the transition to GenSpring to occur smoothly and seamlessly."
    "Having come to know the team at GenSpring over the past several months,
I am convinced that we share the core belief that made me leave the world of
traditional financial services to establish my own firm, and that is the
desire to help families by sitting on their side of the table. Together, I am
confident we can create the market leading brand in the global multi-family
office arena," added Mr. Ulloa.
    About GenSpring Family Offices
    Founded by families, for families in 1989 as Asset Management Advisors
(AMA), GenSpring is an affiliate of SunTrust Banks, Inc. (NYSE:   STI) and is
headquartered in Palm Beach, FL. With $12 billion in family assets under
advisement, GenSpring is the family office of choice for more than 420
families.  For more information on GenSpring please visit the website at

For further information:

For further information: Josh Favreau of River Communications, (914)
686-5599,; or Patricia McCrossan of GenSpring Family
Offices, (561) 839-1282,, Web Site:

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