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How being a $19-billion family office roll-up owned by a bank finally caught up with GenSpring

A fizzled management buyout of the Palm Beach RIA by Maria ("Mel") Elena Lagomasino and other managers preceded the executive exodus, sources say

Author Kelly O'Mara October 18, 2012 at 5:50 AM
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Sources say that Maria Elena Lagomasino made a last-ditch effort to buy GenSpring.

Elmer Rich III

Elmer Rich III

October 18, 2012 — 9:49 PM

Too bad. Another business model failed. This is such a tough market to work in. Suppose we just need years (decades?) of trial and error.

Because banks are so heavily regulated, likely to be more so, and lending always being the core, it’s very hard to respond to market changes. Banks aren’t really designed to do that — nor should they be.

We applaud the effort, however. Good reporting.

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