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Fiduciary Trust expands custody capabilities

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Private wealth manager Fiduciary Trust has appointed Scott Sumner (pictured) as Vice President, Head of Custody. In this newly created position, Sumner will oversee all custody sales and relationship management activities as the firm expands its custody business.

Sumner joined from State Street Wealth Manager Services. In his previous roles at State Street and predecessor firm Investors Financial (which was acquired by State Street), he was responsible for the oversight of custody for a significant number of clients. Most recently, he served as head of relationship management for Wealth Manager Services’ investment management outsourcing platform. Over the course of his career, Sumner has spent nearly two decades providing custody and back-office services to single- and multi-family offices, registered investment advisors, trust companies, and private banks.
 
“I am excited to join a firm with such a highly regarded reputation for client service,” says Sumner. “The custody landscape has evolved over the past 10 years and we’ve seen a bifurcation occur between the brokerage platforms and the more traditional, fee-based custodial bank providers. Neither can deliver the level of service required for clients with USD100 million to USD700 million in assets that Fiduciary Trust can.”
 
“Scott’s addition to our team represents an important step in further establishing Fiduciary Trust as a boutique custodian of choice and builds upon our long tradition of safety, security and unparalleled client service,” says Austin V Shapard, President and CEO of Fiduciary Trust. “The market is ripe for firms that are able and willing to provide quality service and deliver for clients in this space. We look forward to being that choice alternative.”

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