Fiduciary Trust Company International

Fiduciary Trust Company International provides investment management and wealth management services including trust and estate planning and administration, manager selection and monitoring, charitable giving, advanced tax planning and master custody and safekeeping. It invests clients’ assets in public equity, fixed income, and alternative markets across the globe. It has served high-net-worth families, foundations, and endowments since 1931.[1] The firm has $75[2] billion in assets under administration and management, serving clients in 23 countries. The firm and its subsidiaries maintain offices in New York City, Coral Gables, FL, Boca Raton, FL, Los Angeles, CA, San Mateo, CA, Washington, D.C., Wilmington, DE, and London.[3]

Fiduciary Trust is part of Franklin Templeton Investments, one of the world’s largest asset management groups with over $714[4] billion in assets under management.

History

In 1931, Fiduciary Trust Company of New York opened for business on the 30th floor at One Wall Street in New York City.  Fiduciary Trust was founded as a multifamily office to better serve the needs of wealthy individuals and families amidst the financial crisis of the time.  Pierre Jay, a former chairman of the Federal Reserve of New York, and Elihu Root, Jr., a noted lawyer and son of the Secretary of State, served among the firm's first directors.[5]

By the 1960s, the firm had broadened its reach and as a result opened its first international office in London in 1961 to concentrate on the research and analysis of non-U.S. companies. This made Fiduciary Trust one of the first firms to embrace global investing.[6]

The firm continued to evolve and in 1981 opened a Los Angeles office to reach the Western and Southwestern U.S. markets, giving them offices in New York, London, Geneva and now Los Angeles.[7]  As a reflection of the firm’s global presence, the company changed its name in 1987 from Fiduciary Trust Company of New York to Fiduciary Trust Company International.[8] Starting in the 1990s, the firm saw a period of significant growth.  The firm opened an investment management office in Washington, D.C. and was granted a Cayman trust company charter in 1990, and then in 1992 formed Fiduciary Trust Company International of the South, a subsidiary created by acquiring the Miami-based Trust Company of the South. This gave the firm trust powers in Florida.[9]  By 1998, the firm had also formed Fiduciary Trust International of Delaware.[10]

In 2001, Fiduciary Trust was acquired by San Mateo, California-based Franklin Resources, Inc., which broadened each firm's product and service offerings.[11]  Together, Franklin and Fiduciary Trust met the investment management and service needs of financial advisors, private clients and institutions worldwide.[12]  With the merger, Fiduciary Trust continued to grow its presence on the west coast with the opening of a San Mateo office.[13]

Fiduciary Trust International of the South continued to grow its presence in South Florida with the opening of an office in Boca Raton in 2013.[14]   Two years later, in 2015, Fiduciary Trust Company International of the South relocated its Miami headquarters to 2 Alhambra Plaza in Coral Gables. The move further strengthened the firm’s presence in the South Florida community and allowed the firm to accommodate the evolving needs of clients.[15]  Then, in 2016, Fiduciary Trust moved its New York headquarters to 280 Park Avenue.[16]

 Services

Fiduciary Trust offers wealth management expertise in investment management, wealth advisory, tax, custody and trust and estate administration, with a focus on risk management and tax efficiency that reflects clients’ specific needs.[17]

Investment Management

Fiduciary Trust provides strategic investment advice to wealthy individuals, families, institutions, endowments, and personal foundations, including strategy development, global asset allocation, security selection and research, manager selection and monitoring and risk analysis.[18]

Wealth Planning

Fiduciary Trust develops wealth planning strategies by addressing clients’ entire wealth management equation—managing investment goals, structuring wealth and administering trusts—from wealth transfer and charitable giving strategies to advanced tax planning.[19]

Trust and Estate Administration

Fiduciary Trust offers execution of trustee and executor responsibilities, including day-to-day administration, regulatory oversight and compliance, tax preparation and detailed accounting and reporting.[20]

Specialized Services

Fiduciary Trust provides specialized services in master custody services including account administration and safekeeping, estate settlement services including the tax, legal and financial aspects, and tax services including advisement, preparation and filing.[21]

Locations

Fiduciary Trust Company International is headquartered in New York City.[22] The firm maintains additional offices in the following locations: Boca Raton, FL, Coral Gables, FL, Los Angeles, CA, San Mateo, CA, Washington, D.C., Willington DE, Arlington, VA, and London.[23][24]

References

  1. ↑ "Company Overview of Fiduciary Trust Company International, Bloomberg Business".
  2. ↑ ""Fiduciary Trust: The Millennials’ Private Bank"". Barron's PENTA. December 12, 2016.
  3. ↑ "Office Locations, Fiduciary Trust Company International".
  4. ↑ "Figures as of November 30, 2016, MarketWired".
  5. ↑ McGee, Suzanne (March 5, 2011). "Fiduciary Trust Takes on the World". Barron's PENTA.
  6. ↑ Talati, Sonia (December 10, 2016). "Fiduciary Trust: The Millennials’ Private Bank". Barron's PENTA.
  7. ↑ Sloane, Leonard (August 6, 1981). "Business People; FIDUCIARY TRUST FILLS A NEWLY CREATED POST". The New York Times.
  8. ↑ Saxon, Wolfgang (May 21, 1994). "Harry Fowler, 73, Chairman of Board Of Money Manager (Obituary)". The New York Times.
  9. ↑ Freer, Jim (April 23, 2001). "Local offices see service benefits from trust merger". South Florida Business Journal.
  10. ↑ "Company Overview of Fiduciary Trust International Of Delaware". Bloomberg. March 20, 2017.
  11. ↑ "Franklin Resources to Buy Fiduciary Trust". Los Angeles Times. October 26, 2000.
  12. ↑ Brown, Ken (October 26, 2000). "Franklin Resources to Acquire Fiduciary Trust in Stock Deal". The Wall Street Journal.
  13. ↑ "Franklin Resources has completed its acquisition of Fiduciary Trust Company International, boosting its assets under management by $45.1 billion to $260.8 billion". Private Asset Management. April 11, 2001.
  14. ↑ Epstein, Barry (November 13, 2013). "Page Two; Barrys Buzz Nov. 13, 2013". The Boca Raton Tribune.
  15. ↑ "Fiduciary Trust Completes the Relocation of Its Miami Headquarters". CityBizList. July 22, 2015.
  16. ↑ Kitchen, Mark (June 29, 2016). "Fiduciary Trust Company International completes relocation of New York HQ". Wealth Adviser.
  17. ↑ Sonia, Talati (December 10, 2016). "Fiduciary Trust: The Millennials’ Private Bank". Barron's PENTA.
  18. ↑ McGee, Suzanne (March 5, 2011). "Fiduciary Trust Takes on the World". Barron's PENTA.
  19. ↑ Mercado, Darla (November 30, 2014). "Advisers, clients prepping new playbook to handle American Taxpayer Relief Act". InvestmentNews.
  20. ↑ Kirk, Bryan (July 26, 2016). "Should You be Checking Your Client’s Email?". Wealthmanagement.com.
  21. ↑ "Company Overview of Fiduciary Trust Company International".
  22. ↑ "Company Overview of Fiduciary Trust Company International". Bloomberg Business.
  23. ↑ "Fiduciary Trust Company International Opens Virginia Office". Financial Advisor Magazine. May 9, 2017.
  24. ↑ Sonia, Talati (December 10, 2016). "Fiduciary Trust: The Millennials’ Private Bank". Barron's PENTA.
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