Fiduciary Trust Co. International continued its aggressive hiring spree, adding Mary Davey and Lisa Marcus as senior relationship manager and business development officer, respectively.
Both will work out of the family wealth and trust firm’s New York headquarters.
While the past couple of years have been challenging for advisors, trust companies have been experiencing something of a boom, explains Henry Johnson, Fiduciary Trust’s president and chief executive officer.
“We’ve seen remarkable growth as a result of concerns raised by the capital markets,” he said which has sent wealthy families scurrying toward firms that specialize in wealth preservation rather than asset appreciation. “We’re trying to take advantage of that, actively engaging strong potential employees and adding staff in every area.”
Fiduciary Trust’s best year came in 2008 in terms of client acquisition, Johnson said. The firm saw a 20% growth in clients last year and expects the same this year. Fiduciary Trust counts some 2,300 families as clients, often working intergenerationally within those accounts. Minimum account size is around $2 million, although Johnson said many factors go into determining whether the firm will work with a client.
Fiduciary Trust is still actively interested in hiring “people who can add strength and who share a common perspective,” in its key markets of Delaware, Los Angeles, San Francisco and Washington, D.C., Johnson said.