Fiduciary Trust Company International

Last updated
Fiduciary Trust Company International
Type Subsidiary
Industry Financial services
Founded1931 (1931)
Headquarters
New York City
,
United States
Products Wealth Management, Estate planning, Investment management
AUM US$82 billion (2022)
Owner Franklin Templeton Investments
Website www.fiduciarytrust.com

Fiduciary Trust Company International is a United States-based wealth management firm that provides investment management and wealth management services. It has served high-net-worth families, foundations, and endowments since 1931. [1] As of 2019, the firm had $71 billion in assets under administration and management, serving clients in 48 countries. [2] The firm and its subsidiaries maintain offices in New York City, and several other locations. [3]

Contents

Fiduciary Trust is part of Franklin Templeton Investments. [4]

History

In 1931, Fiduciary Trust Company of New York opened for business on the 30th floor at One Wall Street in New York City. The firm was founded as a multi-family office to serve wealthy individuals and families during 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. [6]

The firm continued to evolve and in 1981 opened a Los Angeles office to reach the Western and Southwestern U.S. markets. [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 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. [11] [12] With the merger, Fiduciary Trust continued to grow its presence on the west coast with the opening of a San Mateo office. [13]

On September 11, 2001, the company had offices on floors 90, 94–97 on the South Tower of the World Trade Center. After the first plane strike on the North Tower at 8:46 a.m., many employees chose to evacuate, but many were still in the building when the second plane hit floors 77–85 of the South Tower at 9:03 a.m. Following the collapse of South Tower at 9:59 a.m., 97 employees and contractors were lost that day. [14] The company relocated to Rockefeller Center after the September 11, 2001 attacks.

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. [15] Two years later, in 2015, Fiduciary Trust Company International of the South relocated its Miami headquarters to 2 Alhambra Plaza in Coral Gables. [16] Then, in 2016, Fiduciary Trust moved its New York headquarters to 280 Park Avenue. [17]

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. [18]

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. [19]

Wealth Planning

Fiduciary Trust develops wealth planning strategies by addressing clients’ entire wealth management equation—managing investment goals, structuring wealth and administering trusts—including wealth transfer, charitable giving strategies, and advanced tax planning. [20]

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. [21]

Specialized Services

Fiduciary Trust provides specialized services in master custody services including account administration and safekeeping, estate settlement services including tax, legal and financial aspects, and tax services including advisement, preparation and filing. [22]

Locations

Fiduciary Trust Company International is headquartered in New York City. [23] The firm maintains additional offices in the following locations: Boca Raton, Florida, Coral Gables, Florida, Fort Lauderdale, Florida, St. Petersburg, Florida, Los Angeles, California, San Mateo, California, Washington, District of Columbia, Wilmington, Delaware, Arlington, Virginia, and Grand Cayman, Cayman Islands. [24] [25]

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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. ↑ "9/11 MEMORIAL: WE WILL NEVER FORGET". Fiduciary Trust Company International. Archived from the original on 2021-11-06. Retrieved 2021-11-06.
  15. ↑ Epstein, Barry (November 13, 2013). "Page Two; Barrys Buzz Nov. 13, 2013". The Boca Raton Tribune.
  16. ↑ "Fiduciary Trust Completes the Relocation of Its Miami Headquarters". CityBizList. July 22, 2015.
  17. ↑ Kitchen, Mark (June 29, 2016). "Fiduciary Trust Company International completes relocation of New York HQ". Wealth Adviser.
  18. ↑ Sonia, Talati (December 10, 2016). "Fiduciary Trust: The Millennials' Private Bank". Barron's PENTA.
  19. ↑ McGee, Suzanne (March 5, 2011). "Fiduciary Trust Takes on the World". Barron's PENTA.
  20. ↑ Mercado, Darla (November 30, 2014). "Advisers, clients prepping new playbook to handle American Taxpayer Relief Act". InvestmentNews.
  21. ↑ Kirk, Bryan (July 26, 2016). "Should You be Checking Your Client's Email?". Wealthmanagement.com.
  22. ↑ "Company Overview of Fiduciary Trust Company International".
  23. ↑ "Company Overview of Fiduciary Trust Company International". Bloomberg Business.
  24. ↑ "Fiduciary Trust Company International Opens Virginia Office". Financial Advisor Magazine. May 9, 2017.
  25. ↑ Sonia, Talati (December 10, 2016). "Fiduciary Trust: The Millennials' Private Bank". Barron's PENTA.
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