U.S. Bank is opening a new Delaware trust office in Wilmington to provide personal trust services for high-net-worth clients, the bank announced Tuesday.
The new trust office will work with clients tax and legal advisors to help them create specialized trusts in Delaware that cannot be established in many other jurisdictions. The bank already offers similar services through a trust office in South Dakota, it said.
The new trust office establishes a local presence for clients of the banks Private Client Reserve unit, which caters to individuals and entities with more than $1 million in investable assets. Trust services will also be available to clients of Ascent Private Capital Management, the banks ultra-high-net-worth wealth management business.
The establishment of our new Delaware trust office reflects U.S. Banks continuing commitment to high-net-worth clients, Heidi Steiger, president of the Private Client Reserves East region, said in a statement.
The new trust office is headed by Raymond Radigan, managing director of trust for the Private Client Reserves East region. We view this as a great opportunity to provide our clients with personal trust services that take advantage of Delawares progressive laws, he said.
U.S. Bank is already staffing up. It has snatched two individuals from Wilmington Trust to manage the day-to-day operations of the new trust office. Kelly White, a former vice president and senior relationship manager at Wilmington Trust, joined the team as a senior relationship manager to manage the new office. And Dawn McGill, a former Wilmington Trust client service advisor, joined as a wealth management special assistant to assist White in providing trust administrative services to the clients of the new office.